On 30 June 2023, the PRA published Consultation Paper 11/23: PRA statement on the review of rules (CP11/23).

Under the Financial Services and Markets Act 2023 (FSM Act), the PRA will take on wider rule-making responsibilities in areas that were previously covered by retained EU law. The PRA will become subject to additional accountability measures, and its recognises the importance of, and welcomes, these measures.

In CP11/23 the PRA sets out its proposed approach to reviewing its rules, as required by the FSM Act.

Rule review is not a new concept for the PRA. In recent years, the PRA has reviewed a range of its existing rules, some of which have resulted in revisions or enhancements of those rules. However, as the PRA takes on wider rule-making responsibilities, there will be more opportunities for it to review rules. The PRA is using CP11/23 to gather responses from stakeholders on how it can enhance its approach to rule review and benefit from these new opportunities.

The PRA welcomes views from all interested parties on its proposed statement on rule reviews. The PRA invites responses on any aspects and, in particular, the following questions:

  • What type of information should the PRA be collecting to inform its reviews?
  • Do you have any views on how the PRA prioritises and selects rules to review?
  • Do you have views on how the PRA selects review methods?
  • Do you have views on the channels for stakeholders to engage with the PRA on rule reviews?
  • Do you have views on the way the PRA communicates its ongoing reviews and outcomes of past reviews?

The proposals in CP11/23 would result in the PRA publishing a statement on its approach to rule reviews.

The deadline for feedback to CP11/23 is 29 September 2023.