On 24 February 2020, the PRA published Policy Statement 3/20 setting out its final policy for the proposals set out in chapters 2 and 3 of Consultation Paper 25/19: Occasional Consultation Paper 25/19 (CP25/19).
In chapters 2 and 3 of CP25/19, the PRA proposed to:
- remove references to LIBOR in Supervisory Statement 20/15: Supervising building societies’ treasury and lending activities and Statement of Policy: The PRA’s methodology for setting Pillar 2 capital; and
- make minor corrections and update redundant references to Supervisory Statement 28/15: Strengthening individual accountability in banking (SS28/15) and Supervisory Statement 35/15: Strengthening individual accountability in insurance (SS35/15).
The PRA reports that it received no comments on CP25/19 and has therefore made no changes in its final policy. However, the PRA has also taken the opportunity to update some broken footnote links in both SS28/15 and SS35/15.
The final policy took effect on 24 February 2020.