On 22 October 2018, the PRA published Occasional Consultation Paper 24/18 (CP24/18). In CP24/18 the PRA sets out proposed miscellaneous amendments to its Rulebook, Supervisory Statements, Statements of Policy and forms.

CP24/18 is divided into six chapters covering separate areas of proposals:

  • reporting – amendment to the branch return: amending the incoming firms and third country firms part of the PRA Rulebook; and the branch return form;
  • ring fencing – imposition of financial penalties under section 142S of the Financial Services and Markets Act 2000: amending Statement of Policy ‘The PRA’s approach to enforcement: statutory statements of policy and procedure’;
  • written reports by external auditors to the PRA: amending the auditors part of the PRA Rulebook; and Supervisory Statement 1/16 ‘written reports by external auditors to the PRA’;
  • depositor protection – minor updates amending the depositor protection part of the PRA Rulebook;
  • policyholder protection part – minor updates amending the policyholder protection part of the PRA Rulebook; and
  • reporting templates for calculating risk based levies to reflect the European Banking Authority transition to FINREP taxonomy: amending the Statement of Policy ‘Calculating risk-based levies for the Financial Services Compensation Scheme deposits class’.

The proposals themselves are minor and are generally expected to only have a negligible impact on firms.  The deadline for responses to CP24/18 is 22 November 2018 for the chapter on ‘reporting – amendment to the branch return’, and  22 January 2019 for the additional chapters.