1: Overview
1.1 The PRA Practitioner Panel (the Panel) is established by the Prudential Regulation Authority (PRA) under sections 2L and 2M of the Financial Services and Markets Act 2000 (FSMA) to represent the interests of practitioners. The Panel is independent of the PRA. The Panel provides input to the PRA to help it meet its statutory objectives and is consulted on the PRA’s general policies and practices relating to either banking or banking and insurance.
1.2 In 2024/25, the Panel continued to effectively represent the interests of practitioners by considering and providing appropriate scrutiny on significant PRA policy and regulatory developments which benefit from the Panel’s input. This has been achieved through regular discussions with the relevant PRA and wider Bank of England policy leads, senior management, and Prudential Regulation Committee (PRC) members at Panel meetings. The feedback provided by the Panel has added value to the policymaking process and to the PRA’s objectives.
1.3 The Panel has continued to follow the established approach of early engagement in order to add value to the PRA’s approach to policymaking. The Panel is committed to continuing to provide challenge and advice to the PRA, ensuring that practitioners’ views are appropriately considered.
Panel membership – as at 28 February 2025
- Helen Pickford, UK Chief Financial Officer, Zurich Insurance Group – Association of British Insurers (Practitioner Panel Chair)
- Muir Mathieson, Chief Financial Officer, Nationwide Building Society – Building Societies Association (Deputy Chair)
- Anna Dunn, Chief Executive Officer, JP Morgan UK – Association for Financial Markets in Europe (AFME)
- Arabella Ramage, Legal Director – Lloyd’s Market Association (LMA)
- Caroline Domanski – Chief Executive Officer, No1 CopperPot Credit Union, Great Britain Credit Unions Association
- Charlotte Jones, Group Chief Financial Officer, Aviva – Association of British Insurers
- Julia Dunn, UK Chief Risk Officer, HSBC – UK Finance
- Lax Seshan, Chief Financial Officer, State Bank of India – UK Finance
- Megan Macdonald, Chief Executive Officer, Daiwa Capital Markets Europe – Association of Foreign Banks
- Nigel Willis, Head of Regulatory Assurance and UK Financial Risk Management Leader at PwC – Institute of Chartered Accountants in England and Wales (ICAEW)
- Phil Relf, Risk Director (CRO), Marsden Building Society – Building Societies Association (BSA)
- Rakesh Thakrar – Association of British Insurers
- Richard Wilson, Chief Operating Officer, Aberdeen – Personal Investment Managements & Financial Advice Association (PIMFA)
- Ruairi O’Healai, Managing Director, Morgan Stanley Investment Management – The Investment Association
- Sinead McKeown, Affiliate Engagement Officer for Northern Ireland, Irish League of Credit Unions – Northern Irish Credit Unions
- Vicky Davies, Chief Executive Officer, Northern Bank Limited – UK Finance
1.4 As outlined in the Panel’s Terms of Reference, members serve a three-year term with the option to extend for an additional term. Over the reporting period, there was a number of changes to the Panel’s membership, which are detailed below.
1.5 During this reporting period, two members were appointed to replace members who completed their terms and stepped down from the Panel. Martin Fisher’s second term came to an end towards the end of the previous reporting period and the Northern Irish Credit Unions nominated Sinead McKeown as a replacement. Tonia Lovell decided to step down from the Panel, following her first term. The Building Societies Association (BSA) nominated Phil Relf to replace Ms Lovell.
1.6 Three members of the Panel stepped down from their positions during the reporting period. Javier Faiz was unable to continue this position due to a change in his professional role and was replaced by Nigel Willis, who was nominated by the Institute of Chartered Accountants in England and Wales. After his last meeting in July 2024, Andrew Stoker was replaced by Charlotte Jones, who was nominated by the Association of British Insurers. UK Finance nominated Lax Seshan to the Panel after Chris Bannister stepped down at the end of March 2024.
1.7 In April 2024, the Panel Secretariat conducted a review of the nominations process and the trade associations that can nominate members to the panels. The Panel Secretariat consulted all the relevant directorates and teams within the PRA. The review indicated that the Panel has a membership that is broadly representative of the industry and that trade associations nominate members in proportion to their relative size and the degree to which they represent the interests of PRA-regulated firms, subject to the following three changes:
- invite the Lloyd’s Market Association (LMA) to nominate one member of the Panel;
- invite the Association of Financial Markets in Europe (AFME) to nominate one member of the Panel;
- that the Personal Investment Management & Financial Advice Association should no longer nominate a member of the Panel.
Following these changes, Anna Dunn joined the Panel after being nominated by AFME. Arabella Ramage also became a member of the Panel after being nominated by the LMA.
1.8 Throughout the reporting period Helen Pickford and Muir Mathieson continued to serve as chair and deputy chair, respectively, of the Panel.
2: Panel engagement with the PRA
2.1 As planned, the Panel met six times during the reporting period. As in prior years, meetings were attended by senior executives from the PRA and policy areas of the Bank of England, as well as the PRA Chief Executive Officer (CEO) when possible. Key outcomes and insights from these meetings were fed back to relevant decision-makers and policy leads, contributing to the policy making process.
2.2 The PRA CEO will continue to have annual bilateral meetings with the Panel chair to discuss the Panel’s views and other relevant issues.
Examples of items considered by the Panel and impact on the PRA
2.3 The Panel has provided feedback on a variety of policy matters, including Basel 3.1 and the 2025 PRA Priorities Letter. The feedback from the PRA shows that the Panel input has been valuable to the PRA’s policymaking. The following items are examples from the reporting period where the Panel’s views were sought and provided significant added value to the policy process.
|
Issue |
Description |
|---|---|
|
Senior Manager and Certification Regime |
The Panel provided feedback on the steps Authorisations had taken to improve proportionality and streamline its processes, following responses to the discussion paper (DP) and HMT. The proposals were focused on the applications process, operational effectiveness, and how this could advance the secondary competitiveness and growth objective. Members had previously reviewed responses to the DP. |
|
Independent Evaluation Office (IEO) – Is the PRA ‘set up for success’ in relation to its new secondary competitiveness and growth objective |
The Panel’s views were sought by the IEO on the context within which the secondary objectives policy is applied, and the metrics being considered to ascertain whether objectives are being met. The Panel discussed the balancing of primary and secondary objectives and the importance of metrics. Members supported changes to ensure the simplification and cost-effectiveness of rules. |
|
Policy development for Information and Communication Technology (ICT) and Cyber Risk Management and Operational Resilience |
The Panel discussed the PRA’s policy intention to develop supervisory expectations regarding ICT and cyber risk management, as part of operational resilience, prior to the publication of a consultation paper. Members highlighted the need for proportionality and clarity of expectations within the overarching policy approach. |
|
Update on implementation of the Basel 3.1 standards in the UK |
The Panel considered the PRA’s approach to the implementation of Basel 3.1 standards. The Panel discussed the feedback received from industry on the Small and Medium Enterprises (SMEs) support factor, infrastructure support factor, conversion factors, and improving the risk sensitivity of mortgage valuations. Timelines of publication were also discussed. |
|
Proposed updates to supervisory statement 3/19 concerning management of climate-related risks |
The Panel discussed the PRA’s proposals to update the supervisory statement on management of climate-related risks. The members considered the approach to consolidating existing guidance in one place and take into account the new international standards. The Panel highlighted the importance of proportionality and providing clarity. |
|
Pillar 2A review |
The Panel discussed the proposals for the Pillar 2A review. Members discussed consequences of the IRB benchmark being removed, alignment with Basel 3.1, and the application of the SME support factor. |
3: Panel forward agenda
3.1 The Practitioner Panel is scheduled to meet six times in the 2025/26 reporting period. The forward agenda will continue to be shaped by the Panel members, and the PRA Executive and senior management team. The focus of the agenda will continue to include items prior to their public consultation stage. However, some topics discussed during the course of the reporting period are expected to return to the Panel as they continue to develop. The agenda will also include any emerging and urgent issues that would benefit from a Panel discussion, as determined by the Panel or at the request of the PRA.