Low impact amendments to PRA rules and policy material

The Prudential Regulation Authority (PRA) makes minor and low impact amendments to its rules and policy materials from time to time to keep them up to date and accurate. These low impact changes are listed on this page together with proposals for minor and low impact amendments that the PRA is consulting on. 

Low impact amendments – open consultations

LIAC01/25: July 2025 - Low Impact Amendments Consultation

Please provide any comments on the proposed changes set out below to LIAP@bankofengland.co.uk by the consultation end-date for each proposal.

When responding, please confirm if you are responding as an individual or on behalf of an organisation and whether you agree to the publication of your name/the organisation's name in the PRA's response. See the disclosure page for more information about how we will handle your personal data and your response to this consultation.

Please also indicate in your response if you consider any of the proposals in this consultation paper are likely to impact persons who share protected characteristics under the Equality Act 2010, and if so, please explain which groups and what the impact on such groups might be.   

Amendment to the definition of ‘parent undertaking’ in the Solvency II Firms Sector of the PRA Rulebook 

Consultation end date: 2 September 2025

The PRA proposes to remove the words 'in the opinion of the PRA' from limb (7) of the Glossary definition of ‘parent undertaking’, which applies to the Solvency II Firms Sector of the PRA Rulebook. The PRA also proposes to remove the redundant reference to FSMA and the Companies Act 2006 from the definition.

The PRA proposes to make these amendments to enhance clarity for firms.

Consultation end date: 2 September 2025

The PRA proposes to amend Rule 9.11 of the ICAA Part of the PRA Rulebook to update the interest rate shock-scenario values for all individual currencies currently listed at Rule 9.11. The proposed amendment aims to enhance firms' measurement and management of Interest Rate Risk in the Banking Book (IRRBB) by updating Rule 9.11 to reflect the revised IRRBB shock scenarios published by the Basel Committee on Banking Supervision (BCBS) on 16 July 2024. 

The BCBS revisions extend the historical time series used for calibration from December 2015 to December 2023. The methodology was also updated by the BCBS to better reflect low rate environments and maintain a sufficient level of conservatism. The amendments reflect the BCBS's commitment to periodically review and update scenario calibrations. The proposal would ensure the PRA’s IRRBB standards reflect the most recent market events and align with the BCBS standard. 

The PRA proposes that the updated scenarios would be applied by firms from 1 July 2026.

Deletion of the Benchmarking of Internal Approaches Part of the PRA Rulebook

Consultation end date: 2 September 2025

The PRA proposes to delete the Benchmarking of Internal Approaches Part of the PRA Rulebook. 

UK firms previously participated in benchmarking exercises coordinated by the European Banking Authority (EBA). However, following the UK’s withdrawal from the EU, the PRA has not expected firms to submit benchmarking data.

The PRA is not intending to restart benchmarking at this time, and as a result, the Benchmarking of Internal Approaches Part of the PRA Rulebook has become effectively redundant. 

The PRA is therefore proposing to delete it, with a proposed implementation date of 1 January 2027, to align with the implementation of Basel 3.1 in the UK. HM Treasury has indicated that it intends to revoke Commission Implementing Regulation (EU) 2016/2070 and Commission Delegated Regulation (EU) 2017/180 which are both Technical Standards relating to benchmarking.

The PRA will keep its approach to assessing firms’ implementation of Basel 3.1 under review and may consider undertaking benchmarking exercises in the future if appropriate.

  • The PRA has a statutory duty to consult at a formative stage when making rules (Financial Services Markets Act 2000 (FSMA) s138J), or standards instruments (FSMA s138S). When not making rules, the PRA has a public law duty to consult widely where it would be fair to do so.

    This webpage includes details of amendments to rules and policy material, with details explaining the purpose of the amendments and reasons for proposing them.

    The PRA considers that the amendments proposed here are compatible with its duties to advance so far as is reasonably possible its primary objective (stability and policyholder protection) and, subject to that, its secondary objectives (competition and competitiveness and growth). The PRA considers that the proposed amendments do so by improving the quality and clarity of its rules and policy material, while using the PRA’s resources in the most efficient and economic way, in line with the FSMA regulatory principles and Legislative and Regulatory Reform Act 2006 principles.

    In carrying out its policymaking functions, the PRA must also have regard to regulatory principles specified in FSMA and other legal obligations.  Where the PRA considered that any ‘have regards’ were of particular significance to proposals, this is set out above. 
    The PRA considers that the impact of the proposed rule changes on mutuals is not expected to be significantly different from the impact on other firms, unless specified below.

    In developing its proposals, the PRA has had due regard to the equality objectives under s.149 of the Equality Act 2010. Unless specified below, the PRA considers that the proposals do not give rise to equality and diversity implications.

    A cost benefit analysis is not required under FSMA for matters which give rise to no cost increase or only one of minimal significance (Section 138L(3)) – this exemption applies in this case, unless specified.

    The FCA has been consulted on these proposals and, unless specified, the PRA’s statutory panels have not been engaged.

    This page also contains details of amendments to rules and policy materials following consultation. The above considerations also apply where relevant to this stage unless further specified below. The details below also include, in general terms, a summary of any representations received following consultation and the PRA’s feedback.

Low impact amendments to our rules and policy materials 

Where the PRA has made low impact amendments to rules and policy materials, we have set these out below. 

Making these low impact amendments helps the PRA to advance its objectives in general by improving the quality of the PRA Rulebook and policy material. 

Where the PRA amends a rule based on a previous consultation, before making the amendment, the PRA considers if further consultation would be appropriate in light of the passage of time and the possibility of further respondents, evidence or considerations in relation to the amendment. 

Unless stated below: 

  • the PRA considers that none of its statutory 'have regards' were of particular significance to these minor updates and corrections to its rules and policy materials; 
  • the amendments are relevant to all PRA regulated firms;
  • the impact of these rule changes on mutuals is expected to be no different from the impact on other firms; and
  • the PRA has had due regard to the equality objectives under s.149 of the Equality Act 2010 and considers that these changes do not give rise to equality and diversity implications.

LIAF01/25: July 2025 - minor updates and corrections made without further consultation

Minor corrections following publication of final Solvency II rules

The PRA has identified a collection of minor errors, broken or incorrect links, redundant text, incorrect formatting and typos since our recently reformed Solvency II rules came into force on 31 December 2024.

The PRA considers that these changes can be made without further consultation as we consulted extensively on these rules in 2023 and 2024 and most recently finalised our policy position in November 2024 (PS15/24 – Review of Solvency II: Restatement of assimilated law).

These non-substantive fixes are all to correct obvious issues that mostly arose during the PRA’s Solvency II reforms and the PRA’s restatement of assimilated law pertaining to Solvency II within the PRA’s Rulebook and policy framework. They fall within the scope of the following previous consultations:

The updates to the PRA Rulebook will take effect on Thursday 24 July 2025.

Amendments to supervisory statement (SS) 16/16 – The minimum requirement for own funds and eligible liabilities (MREL) – buffers and Threshold Conditions

The PRA has updated SS16/16 to update out of date links and remove text that does not align with the PRA’s and the Bank’s current approach. The amendments include:

  • Link updates and minor edits to paragraphs 4.1 and 4.2; and footnotes 1, 2, 5, 6, 10 and 11.
  • Changes to reflect the current PRA practice in paragraphs 2.6 and 2.7, and footnote 9.

The PRA has made these changes to avoid potential ambiguity in SS16/16 caused by outdated links and text that does not reflect the PRA’s and the Bank’s current practice.

The PRA has made these changes to the most recent final version of SS16/16. In CP7/24 – The Strong and Simple Framework: The simplified capital regime for Small Domestic Deposit Takers (SDDTs), the PRA proposed amendments to SS16/16, which are not reflected in this version of SS16/16 as they are still subject to the outcome of CP7/24.

The updates to SS16/16 will take effect immediately on publication of LIAF01/25 on Tuesday 22 July 2025.  

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This page was last updated 25 July 2025