Regulatory Documents
Complete list of 49 regulatory documents from Bank of England.
202649 documents
-
Statistical Notice 2026/05 - Implementation of Bank of England Statistics Taxonomy v1.3.1
The Bank of England requires regulated firms to implement the updated Statistics Taxonomy v1.3.1 for live XBRL submissions covering end-May data, due from mid-June 2026. This non-backwards-compatible update replaces version 1.3.0 and mandates that firms update reporting systems, verify correct taxonomy entry points in instance documents, and transition away from the discontinued Statistical Utility tool. Reporting requirements remain unchanged, but firms must complete internal testing and ensure relevant teams are aware before submitting returns under the new technical framework.
-
Public Asked to Help Select UK Wildlife for New Banknote Series
The Bank of England has launched a public consultation to select native UK wildlife for the central images on the next series of £5, £10, £20, and £50 banknotes. Respondents can choose up to two animals from three categories—mammals, birds, and amphibians, insects, or fish—from a published shortlist until 3 July 2026. Governor Andrew Bailey will make the final selection based on public feedback, prioritizing four distinct species that represent different UK environments and enhance the notes' counterfeit resilience.
-
Statistical Notice 2026/04 BEEDS User Acceptance Testing Environment for Statistical Taxonomy v1.3.1 FINAL
The Bank of England has launched a dedicated User Acceptance Testing environment for statistical reporting firms and software houses to validate submissions against the new Statistical Taxonomy v1.3.1. Reporting firms are automatically enabled for the test window running from 2 to 12 June 2026, while software houses must request access by email before 25 May to participate alongside live reporting. Participants must route live production data through the standard BEEDS LIVE system and implement alternative XBRL generation tools, as the legacy Statistical Utility Tool will be withdrawn for this taxonomy update.
-
PRA Announces Ring-Fence Change to Reduce Costs
The Prudential Regulation Authority has published the official list of ring-fenced bodies for five major UK banking groups as of 22 April 2026. This regulatory update specifies which subsidiaries within Barclays, HSBC, Lloyds Banking Group, NatWest Group, and Santander UK must operate under ring-fencing rules pursuant to section 142A of the Financial Services and Markets Act 2000. The designated structural separation aims to protect core retail banking functions while reducing operational costs for affected financial institutions.
-
FCA and Bank of England set out shared vision for tokenisation in UK wholesale markets
The Financial Conduct Authority and the Bank of England have published a joint vision to accelerate tokenisation in UK wholesale markets by clarifying regulatory frameworks for prudential treatment, collateral, and settlement infrastructure. The regulators are seeking industry feedback by 3 July 2026 on how existing rules and distributed ledger technology can be adapted to lower costs, reduce risk, and support near 24/7 settlement. This collaborative approach will guide the transition from current pilots to production, ensuring a unified roadmap for digital asset issuance and trading.
-
The Bank, FCA and HM Treasury joint statement on Frontier AI models and cyber resilience
The Bank of England, Financial Conduct Authority, and HM Treasury require regulated firms and financial market infrastructures to proactively plan for and mitigate cybersecurity risks posed by rapidly evolving frontier AI models. Firms must strengthen board-level governance, accelerate the identification and remediation of vulnerabilities at scale, manage third-party supply chain risks, and adopt automated AI-enabled defences to match the speed of AI-driven attacks. These measures align with existing operational resilience rules and aim to protect financial stability, customer safety, and market integrity against faster, more disruptive cyber threats.
-
Market Participants Group Terms of Reference
The Bank of England establishes the Terms of Reference for its Market Participants Group (MPG), a senior forum designed to channel direct, confidential market intelligence from up to 18 named financial firms to Monetary Policy Committee members. The framework mandates in-person attendance, quarterly meetings chaired by the Governor, and a structured rotation system to ensure diverse expertise while requiring members to strictly observe competition law and data protection obligations. High-level, non-attributable minutes will be published daily to maintain transparency without compromising the confidentiality of competitively sensitive information shared during discussions.
-
Minutes of the Bank of England Court of Directors Meeting, 12 February 2026
The Bank of England Court of Directors approved the 2026/27 budget, a three-year financial plan, and an interim dividend while confirming the appointment of ISS as its integrated facilities management provider. The meeting recorded key executive appointments, including Rohan Churm and Tom Mutton to statutory director roles, alongside the termination of the Bank’s security outsourcing arrangement with Amulet. Directors also endorsed the PRA’s external business plan for 2026/27, approved the Bank’s data and analytics transformation strategy, and confirmed the effectiveness of its risk controls under the revised UK Corporate Governance Code.
-
Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility - May 2026
The Bank of England Governor and HM Treasury Chancellor published a formal exchange of letters in May 2026 to define the governance and operational parameters of the Asset Purchase Facility. This directive establishes updated supervisory coordination between the Bank and the Financial Conduct Authority while mandating the adoption of version 1.3.1 of the Bank’s Statistics Taxonomy. The framework further outlines synchronisation working group protocols and directs public consultation for integrating selected UK wildlife into the next banknote series.
-
Exchange of Letters Between the Governor and the Chancellor Regarding CPI Inflation – April 2026
The Bank of England Governor must issue an open letter to the Chancellor whenever Consumer Price Index inflation deviates by more than one percentage point from its target. The correspondence must clearly explain the causes of the deviation and outline the specific monetary policy actions being implemented to restore price stability. Published on 30 April 2026, this framework ensures transparent accountability and guides market expectations regarding the Bank's inflation management strategy.
-
Bank Rate Maintained at 3.75% - April 2026 Monetary Policy Summary and Minutes
The Bank of England’s Monetary Policy Committee maintained the Bank Rate at 3.75% in April 2026, with eight members voting to hold and one advocating a 0.25 percentage point increase to 4%. This decision balances upside inflation risks from Middle East energy supply shocks and potential second-round wage and price pressures against downside demand weakness and recently tightened financial conditions. The Committee will closely monitor the shock’s propagation through the economy, standing ready to adjust policy as necessary to sustainably deliver the 2% inflation target.
-
PRA Publishes Plans to Support Resilience in the Life Insurance Industry
The Prudential Regulation Authority proposes enhanced capital requirements for UK life insurers using funded reinsurance, aligning their regulatory treatment with other standard investments. By shifting average capital holdings from two to four percent toward ten percent, the rules better reflect counterparty default risk while reducing incentives for excessive reliance on offshore reinsurers. Effective for new and ongoing business from 1 October, the measures aim to safeguard pensioners and policyholders while encouraging greater direct investment in the UK economy.
-
Bank of England Levy Contact Details Request
The Bank of England requires all eligible levy payers to submit or update contact details for the 2026/27 Levy Year through this statistical notice. New payers must complete and return a designated form by 5:30 pm on 21 May 2026, whereas existing payers must email amendments to BoELevy@bankofengland.co.uk. Providing these Recognised and Invoice contacts constitutes acceptance of the Levy Terms and Conditions and ensures accurate processing of annual July invoices.
-
PRA Authorisations Performance Report 2025/26 Q4
The Prudential Regulation Authority released its Q4 2025/26 Authorisations Performance Report to monitor regulatory decision-making against statutory service standards and transition toward shorter legislative deadlines. The report shows high compliance rates across New Authorisations, Variation of Permission, Cancellations, Change in Control, and Senior Managers Regime applications for deposit-taking and insurance firms. Updating compliance thresholds and targeting less complex cases, the regulator is accelerating approval speeds while maintaining rigorous scrutiny to foster market growth.
-
FPC Review of UK Bank Capital Requirements
The Bank of England’s Financial Policy Committee has reduced its benchmark for system-wide Tier 1 capital requirements from 14% to approximately 13% of risk-weighted assets. This updated assessment incorporates declining average risk weights, reduced systemic bank importance, and the upcoming Basel 3.1 implementation to justify a lower threshold that maximizes long-term macroeconomic growth. The Committee will collaborate with the PRA to enhance regulatory buffer usability and review leverage ratio frameworks, ensuring banks maintain adequate capital headroom while supporting sustained lending to households and businesses.
-
Minutes of the SONIA Stakeholder Advisory Group – 24 March 2026
The Bank of England’s SONIA Stakeholder Advisory Group issues these minutes to confirm robust benchmark administration, requiring continued oversight of a narrowed rate wedge and sustained trading volumes amid geopolitical tensions. The Group evaluates HM Treasury’s proposed UK Treasury bill expansion alongside emerging stablecoin frameworks, assessing their direct impact on monetary policy and financial stability. Recent SONIA derivative markets demonstrate resilient liquidity and record activity, with volatility driven by positioning adjustments rather than structural funding constraints.
-
Banknotes Imagery Advisory Group Minutes – August 2025
The Bank of England’s Banknotes Imagery Advisory Group approved draft Terms of Reference clarifying that virtual attendees count toward quorum and reviewed public consultation results indicating strong support for nature and architecture themes. The Group mandated targeted focus groups to assess public sentiment, diversity representation, and design flexibility for the leading themes ahead of a final recommendation to the Governor. Members also emphasized the legal duty to consider equality and diversity across all themes, while directing the Secretariat and Notes and Communications teams to update documentation and develop image selection options for the next meeting.
-
Banknote Imagery Advisory Group Minutes – October 2025
The Banknote Imagery Advisory Group has recommended 'Nature' as the overarching theme and 'Wildlife' as the primary sub-theme for all four denominations of the upcoming Series H banknotes. BIAG mandates a two-stage selection process that pairs subject-matter experts with a second public consultation to finalize specific imagery, while ensuring regional representation and security feature integration. The Bank will now present these recommendations to the Governor, draft a formal advisory note, and establish a timeline for theme announcement and expert recruitment by late 2026.
-
Artificial Intelligence Consortium Minutes – February 2026
The Bank of England and Financial Conduct Authority established a joint Artificial Intelligence Consortium to coordinate AI governance, model risk management, and digital finance innovation across the UK financial sector. The February 2026 minutes document formally records the consortium’s dual leadership structure and expanded membership roster, which includes senior executives from major banks, technology providers, and academic research institutes. This expanded network ensures standardized oversight of responsible AI deployment, data science strategies, and regulatory compliance for both commercial investment and retail financial services.
-
FXJSC Combined Operations and Legal Sub-Committee Meeting
The Bank of England, chairing the FXJSC Combined Operations and Legal Sub-Committees, issued meeting minutes detailing critical updates to ISDA FX Definitions and market infrastructure standards. The revised definitions will go live in November 2027 alongside Swift, introducing digitized formats, integrated EMTA terms, and streamlined matrices that remove the need for master confirmations. Concurrent regulatory and operational updates address record FX turnover, AI integration, T+1 settlement implications, a newly formalized resilience communications framework, and proposed FCA transaction reporting reforms.
-
Minutes of the London FXJSC Main Committee Meeting – 27 November 2025
The Bank of England, chairing the London Foreign Exchange Joint Standing Committee (FXJSC), issued these minutes to document record $9.6 trillion global FX turnover, accelerated post-volatility normalization, and a doubling of the FX options market. The report further outlines critical regulatory and infrastructure changes, including IOSCO’s final pre-hedging guidance, the FCA’s re-recognition of the FX Global Code, and readiness for a UK-EU T+1 securities settlement shift. It also tracks ISDA’s ongoing definition review and SWIFT’s completed migration to ISO 20022 messaging standards to ensure ongoing market stability and operational efficiency.
-
Bank of England enhances resolution readiness with updated operational guides
The Bank of England has published updated operational guides detailing how it will execute UK bank resolution regimes through transfer and bail-in mechanisms. The revised frameworks introduce non-transferable contingent beneficial interests to streamline bail-in processes, incorporate lessons from recent institutional failures, and clarify building society resolutions alongside recapitalisation payments. Complementing these domestic updates, the Bank secured a US Securities and Exchange Commission No-Action Letter confirming that contingent beneficial interests can be created cross-border without additional US securities registration.
-
Minutes: CBDC Academic Advisory Group – January 2026
The Bank of England’s CBDC Academic Advisory Group issued these minutes to outline critical design requirements for the digital pound, including provisional holding limits of £10–20k and tiered remuneration to mitigate rapid deposit disintermediation. The analysis mandates a platform-based infrastructure that ensures wholesale-level convertibility for monetary uniformity while integrating privacy-enhancing technologies and post-quantum cryptographic pathways. These coordinated design parameters will directly shape the Bank’s final launch strategy and transitional governance framework as it consolidates into a broader Payments Academic Advisory Group.
-
Minutes of the Money Market Committee Meeting – March 2026
The Bank of England’s Money Markets Committee recalibrated Discount Window Facility pricing to fixed spreads over Bank Rate and confirmed sterling money market resilience amid recent volatility. The Committee also endorsed Prudential Regulation Authority proposals to modernize the liquidity framework and approved an early morning CHAPS settlement extension opening at 01:30 from September 2027. Members noted stable funding conditions, steady unsecured rates, and an optional sending model for pre-06:00 transactions to balance industry benefits with operational burdens.
-
Changes to Publication Dates for the Decision Maker Panel and Agents’ Summary of Business Conditions
The Bank of England is adjusting the publication schedules for its Decision Maker Panel data and Agents’ summary of business conditions to prevent them from coinciding with the Monetary Policy Report. Under the revised timetable, Decision Maker Panel data will now be released on Fridays, shifting to the week preceding Monetary Policy Report releases in scheduled months and moving from Thursdays in other months. The Agents’ summary will similarly be published on Fridays in the week before each Monetary Policy Committee announcement, with updated dates effective through December 2026.
-
Financial Policy Committee Record – April 2026
The Financial Policy Committee of the Bank of England evaluated UK financial stability amid a Middle East conflict-driven supply shock, maintaining the countercyclical capital buffer at 2% and confirming robust banking sector capacity. The Committee identified crystallising vulnerabilities in sovereign debt markets driven by leveraged hedge funds, stretched AI-related technology valuations, and liquidity pressures within private credit. It requires market participants to incorporate sudden price adjustments into stress testing and liquidity planning, while directing regulators to monitor the rapid deployment of advanced AI across financial services.
-
The Bank and PRA Response to HMT, DSIT and DBT on AI in Financial Services
The Bank of England and Prudential Regulation Authority have issued a formal response to HM Treasury, DSIT, and DBT outlining their proactive strategy to enable safe artificial intelligence innovation across the UK financial sector. The regulators commit to publishing a detailed implementation plan with a first-half 2026 timeline and will integrate annual AI-driven innovation reporting into their standard Business Plan and Annual Report. This approach builds on existing technology-agnostic model risk principles, continuous industry engagement through the AI Consortium and targeted roundtables, and active international coordination to manage concentration, cybersecurity, and contagion risks while fostering competition and growth.
-
Update to Discount Window Facility Pricing – Market Notice 27 March 2026
The Bank of England has announced an immediate simplification and reduction in Discount Window Facility pricing, replacing the previous variable schedule with fixed rates of plus 15 basis points for Level A collateral, plus 25 basis points for Level B, and plus 50 basis points for Level C. This change applies to all new drawings of gilts and reserves, aligning the facility with other Sterling Monetary Framework tools while preserving incentives for prudent daily liquidity management. To ensure same-day settlement, participants must pre-position sufficient collateral ahead of requests and continue completing regular small-scale test trades.
-
Bank of England streamlines reporting and disclosure requirements for bank failure regime
The Bank of England and Prudential Regulation Authority have finalised a package of changes to UK banks’ resolution reporting and disclosure requirements. The reforms increase the Resolution Assessment Framework threshold to £100 billion in retail deposits, mandate biennial recovery plan reviews for small domestic deposit takers, and simplify Minimum Requirement for Own Funds and Eligible Liabilities reporting. Implemented between April 2026 and January 2027, these adjustments reduce regulatory burdens and delete outdated templates while preserving a robust framework for orderly bank failures.
-
PRA fines The Bank of London and Oplyse Holdings £2m for failing to act with integrity and misleading the PRA over capital position
The Prudential Regulation Authority has imposed a £2 million financial penalty on The Bank of London Group Limited and Oplyse Holdings Limited for breaching capital adequacy, large exposure, and integrity rules between October 2021 and May 2024. Senior management repeatedly recognized unreceived funds as qualifying capital and falsified key documents, directly misleading the regulator about the firms' consolidated and solo financial positions. The enforcement action mandates that regulated entities maintain robust capital planning, submit accurate regulatory returns, and demonstrate full transparency when reporting large exposures to ensure ongoing safety and soundness.
-
Asset Purchase Facility Gilt Sales Market Notice 20 March 2026
The Bank of England issued this Market Notice to outline the quarterly sales schedule for gilts held in its Asset Purchase Facility during Q2 2026. The Bank will conduct five auctions between 20 April and 15 June to sell £3.75 billion in short, medium, and long maturity bonds, continuing a programme that reduces the APF stock by £70 billion to £488 billion. Operational parameters remain largely unchanged, though the Bank reserves discretion to adjust auction sizes and timing based on market conditions.
-
Bank Rate Maintained at 3.75% – March 2026 Monetary Policy Summary and Minutes
The Bank of England’s Monetary Policy Committee unanimously maintained the Bank Rate at 3.75% in March 2026 to manage inflationary pressures stemming from a Middle East conflict that has sharply elevated global energy and commodity prices. This Strait of Hormuz disruption is expected to push near-term UK CPI inflation toward 3–3.5%, delaying its return to the 2% target while prompting close monitoring of potential second-round wage and price effects. The Committee will evaluate the shock’s duration and domestic economic slack ahead of its April meeting, standing ready to adjust policy as necessary to sustainably achieve the inflation target.
-
PRA publishes liquidity reform proposals
The Prudential Regulation Authority has published proposals to modernize UK bank liquidity standards, requiring firms to evaluate asset monetization barriers and conduct weekly internal stress tests for rapid outflows. The reforms remove the annual testing exemption for sovereign bonds and other level 1 assets while reducing overall data requests to prevent reporting overload. By focusing on operational readiness and central bank facility access rather than increasing asset holdings, the measures ensure banks can quickly raise cash during fast-paced stress events like the 2023 Silicon Valley Bank collapse.
-
PRA Fines U K Insurance Limited £10,625,000
The Prudential Regulation Authority has imposed a £10,625,000 financial penalty on U K Insurance Limited for overstating its Solvency II balance sheet during 2023 and 2024. The miscalculation resulted from inadequate controls and resourcing issues that breached core PRA reporting rules, prompting a formal enforcement action. By proactively admitting the error and utilizing the Early Account Scheme, the insurer secured a 50% settlement discount in this landmark case.
-
Wildlife to Feature on Next Series of Bank of England Banknotes
The Bank of England has opened a public consultation to select the overarching theme for its next series of banknotes, inviting submissions through an online form or written correspondence. The central bank will assess public suggestions against six predefined categories—historical figures, nature, architecture and landmarks, arts, culture and sport, milestones, and innovation—using strict criteria that prioritize UK symbolism, public resonance, non-divisiveness, longevity, authentication compatibility, and legal compliance. Following the 31 July 2025 deadline, the Bank will evaluate responses alongside focus group feedback to finalize a theme and potentially refine specific imagery before unveiling the redesigned currency.
-
Statistical Notice 2026/02 – BEEDS User Acceptance Testing Environment for Statistical Taxonomy v1.3.1
The Bank of England has opened a BEEDS User Acceptance Testing (UAT) environment to enable statistical reporting firms and software houses to validate the Statistical Taxonomy v1.3.1 FINAL prior to mid-June 2026 live submissions. Running from 30 March to 17 April 2026, the UAT window automatically provisions existing reporting firms while mandating that software houses request access by 20 March and submit valid data files without nil returns. The Bank will validate these submissions and update the official recognized software house list, notifying participants via email once testing is complete.
-
Katharine Braddick Appointed as Next Deputy Governor for Prudential Regulation at the Bank of England
The Bank of England and HM Treasury have appointed Katharine Braddick as the next Deputy Governor for Prudential Regulation and Chief Executive of the PRA, succeeding Sam Woods in June 2026. In this five-year role starting 1 July, she will lead the supervision of banks, insurers, and major investment firms while advancing a pro-growth regulatory agenda that supports lending, reduces compliance burdens for SMEs and first-time buyers, and maintains financial resilience. Braddick’s combined private-sector banking experience and public policy expertise will ensure the UK remains a competitive global financial hub while upholding robust prudential standards.
-
Court Minutes from 2023 (Previously Redacted)
The Bank of England’s Court of Directors has published previously redacted minutes from its 2023 meetings to fulfill statutory disclosure requirements under the Bank of England Act. The released records detail strategic budget approvals, governance reforms targeting pay equity and corporate culture, and operational progress on the RTGS renewal and cloud infrastructure programmes. By lifting historical withholding provisions, the Court ensures transparent oversight of executive appointments, risk management frameworks, and data strategy while preserving confidentiality where necessary.
-
Minutes of the Court of Directors Meeting, 9 December 2025
The Bank of England’s Court of Directors issued these minutes to record strategic decisions, governance updates, and operational approvals from its 9 December 2025 meeting. The Court approved the Monetary Policy Transformation Business Case, endorsed a new retail payments infrastructure strategy focusing on account-to-account transactions and digital pound interoperability, and finalized the 2026/27 business planning round. Additionally, the Board confirmed key executive appointments, updated remuneration reference points, and amended the FMI Committee’s terms to implement biennial risk reviews.
-
Summary of AI Roundtables - February 2026
The Bank of England, in coordination with the PRA and FCA, issued this summary following late-2025 roundtables to outline how regulated firms can navigate AI adoption constraints under the current principles-based framework. Cautious second-line risk functions and traditional model validation methods are currently slowing AI deployment pipelines, prompting calls for updated supervisory expectations on testing and outcomes. To accelerate responsible adoption, the Bank recommends establishing minimum standards for third-party AI providers, harmonizing cross-border data protection requirements, and promoting global regulatory convergence to lower compliance costs.
-
Foreign Currency Reserves 2026 – Market Notice 10 February 2026
The Bank of England issued this market notice to announce a US$2.5 billion three-year eurobond financing its foreign currency reserves, carrying a 3.5 percent annual coupon and maturing on 18 February 2029. This transaction constitutes the first operation of the Bank’s updated 2026 issuance programme and targets exclusively ECP and professional investors under FCA and ICMA stabilisation frameworks. The notice confines distribution to the United Kingdom while relying on US Securities Act Rule 135e, ensuring the notes remain unregistered in the United States and are available solely to relevant UK persons.
-
Foreign Currency Reserves 2026 Market Notice 9 February 2026
The Bank of England has appointed RBC Capital Markets, BMO Capital Markets, HSBC Bank plc, and Morgan Stanley as joint lead managers for a benchmark three-year US dollar bond issuance to finance its foreign exchange reserves. This transaction marks the first operation of 2026 under the Bank’s updated issuance programme, targeting exclusively ECP and professional investors while applying FCA/ICMA stabilisation rules. The notice restricts distribution to the United Kingdom and specified jurisdictions, confirms that securities remain unregistered in the US, and directs investors to rely solely on the accompanying prospectus.
-
Green notice 2026/01: Consultation on Discontinuation of Form BN Data Collection
The Bank of England issued Green notice 2026/01 to update its consultation on discontinuing Form BN data collection, noting unanimous respondent support for reduced reporting burdens. Although some firms report limited savings due to integrated internal processes, the Bank will evaluate whether Forms CC and CL can adequately replace Form BN for Office for National Statistics requirements. Firms must continue submitting Form BN until the Bank completes this assessment and publishes final changes in a subsequent Statistical notice.
-
Update on Changes to Country Groupings for International Banking Statistics
The Bank of England implements revised country grouping conventions for International Banking Statistics, effective from March 2026 publications. The update reclassifies several countries between Advanced Economies and Emerging Market and Developing Economies to align with International Monetary Fund standards, while replacing the European nationality series with EEA. All adjustments are backdated to September 1997 without maintaining legacy series, and Bulgaria will be added to the Advanced Economies group following its euro area accession.
-
Bank Rate Maintained at 3.75% - February 2026 Monetary Policy Summary and Minutes
The Bank of England’s Monetary Policy Committee maintained the Bank Rate at 3.75% with a 5–4 vote, citing continued easing in pay growth and services inflation. CPI inflation is projected to return to the 2% target by April, driven largely by lower energy prices and Budget 2025 measures, while building labour market slack supports subdued economic growth. The Committee anticipates further rate reductions will be necessary to sustainably meet the inflation target, though the timing and extent of future easing will depend on evolving risks from inflation persistence versus weaker demand.
-
Results of the Semi-Annual FX Turnover Surveys in October 2025
The Foreign Exchange Joint Standing Committee (FXJSC) published the October 2025 semi-annual turnover survey results, aggregating data from 25 financial institutions active in the UK foreign exchange market. The report details an average daily turnover of $3,850 billion, reflecting a 5% quarterly decline and a 20% year-on-year increase, with FX spot declining while swaps rose by 18%. USD/EUR retained its position as the most traded currency pair at 23% of total turnover, and the survey's price-setting dealer reporting basis enables more frequent market monitoring than the BIS Triennial Survey.
-
Regulators announce first firms to join Scale-up Unit
The Prudential Regulation Authority and Financial Conduct Authority have announced the first cohort of six banks and building societies to join their joint Scale-up Unit. These selected firms will receive tailored regulatory support, including direct engagement with regulators, to navigate compliance while developing new products and expanding into new markets. The initiative streamlines oversight for fast-growing financial entities, with a second cohort expected later this year and ongoing support available to smaller insurers.
-
Letter on firms’ preparations for the third Resolvability Assessment Framework (RAF) assessment
The Bank of England’s Resolution Directorate has issued guidance detailing the requirements for UK firms’ preparations for the third Resolvability Assessment Framework (RAF) assessment, which runs from 2026 to 2027. Firms must submit comprehensive Resolution Assessment reports by 2 October 2026 and undergo targeted tests evaluating bail-in data, restructuring planning, transitional service agreements, and financial market infrastructure continuity. The Bank will evaluate these submissions against a hypothetical resolution scenario that must match or exceed the 2025 Bank Capital Stress Test severity, culminating in published firm-specific findings and RAF disclosures by June 2027.
-
PRA to streamline supervision as part of 2026 priorities
The Prudential Regulation Authority has published its 2026 supervisory priorities letter, outlining sector-specific focus areas for banks, building societies, and insurers while streamlining oversight operations. Starting 1 March, larger firms will transition to a biennial cycle for Periodic Summary Meetings and experience accelerated approval timelines for senior manager applications, new authorisations, and internal model changes. The updated framework also introduces Solvency UK, expands the Matching Adjustment Investment Accelerator for insurers, and modernises reporting through the Future Banking Data project to reduce regulatory burden and support financial sector growth.