On 6 June 2024, the Bank of England (BoE) updated its webpages concerning waivers and modifications of rules and resolution.

The BoE explains that as with previous general elections, the BoE will be following the Cabinet Office’s election guidance, which includes limiting communications activities until after the election. In line with this approach the BoE and PRA have chosen to delay the publication of the second Resolvability Assessment Framework (RAF) assessment of the major UK banks to early August 2024. The publication of the BoE’s assessment was due by 14 June 2024 alongside firms’ own public disclosures.

As such, the BoE and PRA are offering a modification by consent to Rule 4.1 of the Resolution Assessment Part of the PRA Rulebook to delay the deadline for firms to publish their RAF disclosures from the second Friday in June 2024, to the second Friday in August 2024 at the latest. 

A firm that wishes to take advantage of the modification should consider the terms of the direction. If they want the modified Rule to apply, they should send a short email to PRA-Waivers@bankofengland.co.uk, confirming they are consenting to the modification and include their firm name and firm reference number. No additional supporting information is needed.