On 24 February 2021, the Bank of England (BoE) published the letter it had sent to the CEOs of the eight major UK banks in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle. The letter mentions that during the first RAF cycle, the BoE will place particular emphasis on examining how boards and senior management have approached the responsibilities articulated in the letter. In this context, the BoE may engage with independent members of firms’ boards in advance of the cycle to understand boards’ anticipated approaches. The BoE anticipates engaging firms later in 2021 on the operational arrangements for the first RAF cycle.