Regulatory Alerts2024-12-12
Added · Updated
PS26/2: Operational incident and third party reporting
The FCA, PRA, and Bank of England establish a single unified regime for operational incident and material third-party reporting, replacing separate existing frameworks. The rules require firms to submit data via a single portal using standardized templates, with standard reporting involving a short form for approximately 90% of FCA solo-regulated firms and enhanced reporting for strategically important entities. These final rules apply to all Part 4A permission holders, payment service providers, UK recognized investment exchanges, registered trade repositories, credit rating agencies, and various other authorized financial institutions. The new requirements come into force on 18 March 2027, granting firms a 12-month preparation period before compliance is mandatory.
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