On 22 October 2026 the Prudential Regulation Authority published CP14/26, its SM&CR Phase 2 consultation, and the Financial Conduct Authority published its companion paper CP26/37 the same day. The PRA proposes to remove regulatory pre-approval for almost half of the current Senior Manager Functions (SMFs), to drop the requirements to assess, certify and seek regulatory…
On 14 October 2026 the Prudential Regulation Authority and the Financial Conduct Authority published their final policy on high LTI lending: PRA policy statement PS19/26 (FCA PS26/20), a new PRA supervisory statement, SS2/26, and replacement FCA general guidance, FG26/11. From 28 October 2026 the Housing Part of the PRA Rulebook stops capping each lender’s high…
On 7 October 2026 the Prudential Regulation Authority published CP13/26, Updating regulatory thresholds: An autopilot approach. It proposes PRA threshold indexation for 128 fixed amounts in the PRA Rulebook and in PRA guidance: each would rise with UK nominal GDP, first on 1 July 2031 and then every five years. Responses to the consultation, and…
Every February, HMRC issues Bank and Building Society Interest (BBSI) notices under Schedule 23 to the Finance Act 2011, and each one requires a BBSI return: the interest a bank or building society paid or credited during the UK tax year to reportable persons with UK addresses. HMRC’s published returns cycle runs the reported year…
On 30 September 2026 the Prudential Regulation Authority published a Dear CFO letter from David Bailey, its Executive Director for Prudential Policy, setting out thematic feedback on IFRS 9 expected credit loss (ECL) accounting. The PRA IFRS 9 ECL letter draws on the written reports that auditors of the major UK-headquartered banks and building societies…
The FCA money mule review published on 23 September 2026, “Money mules: mule activity and cashing out findings”, reports that the 35 retail banks, building societies, challenger banks, payment institutions (PIs) and e-money institutions (EMIs) it surveyed offboarded 238,396 suspected money mules in 2025, up from 184,935 in 2023 and 233,269 in 2024. Its sharper…
UK FINREP is supervisory financial reporting governed by the Reporting (CRR) Part of the PRA Rulebook. That Part applies to CRR firms and CRR consolidation entities; Article 430(3) sets financial-information requirements for firms within that provision, while Chapters 5A-5F set additional requirements for reduced FINREP firms. For FINREP data items required under Article 430(3) together…
Firms in scope of Chapter 18 of the PRA Rulebook must submit the Remuneration High Earners Report annually. The report is due to the PRA within four months of the firm’s accounting reference date and, under Rules 18.4 and 18.5, covers high earners who mainly undertook their professional activities within the UK; Rule 18.6 reports…