On 8 December 2023, the PRA updated its webpage regarding waivers and modifications of rules.

The PRA has added a new section under the heading “Available waivers and modifications by consent” which concerns modifications by consent relating to the small domestic deposit taker (SDDT) regime. There are two modifications by consent offered from 1 January 2024. The first modification relates to UK banks and building societies opting to become an SDDT and the second relates to CRR consolidation entities opting to become an SDDT consolidation entity.