On 30 July 2025, the Prudential Regulation Authority (PRA) updated its webpage on Consultation Paper 12/25 – Pillar 2A review – Phase 1.
The update provides that the PRA has extended the deadline for responses to CP12/25 from 5 September 2025 to 30 September 2025. It has also extended the implementation date for the changes to pension obligation risk and market risk and counterparty credit risk from 2 March 2026 to 1 July 2026. The implementation date for the remaining proposals in CP12/25 concerning credit risk (Chapter 2) and operational risk (Chapter 3) would continue to be aligned with the date of the PRA’s implementation of the Basel 3.1 standards (1 January 2027), as initially proposed.