On 11 October 2023, the Prudential Regulation Authority (PRA) published Occasional Consultation Paper CP22/23, which sets out the PRA’s proposals to make minor amendments to PRA rules.

In CP22/23, the PRA proposes changes which would amend the:

  • Depositor Protection Part of the PRA Rulebook to facilitate the ability of the Financial Services Compensation Scheme (FSCS) to pay compensation to eligible depositors of insolvent deposit takers via electronic transfer – these changes are relevant to the FSCS and of interest to deposit-taking firms and depositors.
  • Senior Managers and Certification Regime Forms C and D related to the FCA’s new Consumer Duty rules – these proposals are relevant to all PRA-authorised firms.

The deadline for feedback to CP22/23 is 13 November 2023.

The PRA proposes that the implementation date for the changes resulting from CP22/23 would be in December 2023.