On 22 July 2025, the Prudential Regulation Authority (PRA) issued a consultation on low impact amendments to its rules and policy material.
Specifically, the PRA’s proposals include:
- Amendments to Rule 9.11 of the ICAA Part of the PRA Rulebook to update the interest rate shock-scenario values for all individual currencies currently listed at Rule 9.11. The deadline for comments is 2 September 2025.
- The deletion of the Benchmarking of Internal Approaches Part of the PRA Rulebook. The deadline for comments is 2 September 2025. The PRA is not intending to restart benchmarking at this time, and as a result, the Benchmarking of Internal Approaches Part of the PRA Rulebook has become effectively redundant. The PRA is proposing to delete it, with a proposed implementation date of 1 January 2027, to align with the implementation of Basel 3.1 in the UK.
The PRA is also proposing certain other low impact amendments to its rules and policy materials without consultation. This includes updating Supervisory Statement 16/16 to update out of date links and remove text that does not align with the PRA’s and the Bank of England’s current approach.