The Prudential Regulation Authority has published an appendix to its 2025/26 annual report setting out the quantitative and qualitative metrics it uses to monitor performance against its Secondary Competitiveness and Growth Objective. In its third annual SCGO metrics report, the PRA said it had refreshed the framework by adding three new measures on firms' administrative burden, support for innovative and fast-growing firms, and its role in facilitating insurer investment in the UK economy, while retiring three metrics that duplicated other disclosures or did not provide meaningful insight. The appendix shows the UK had adopted 29 out of 29 Basel standards as of 2025 Q3, while the Basel Committee assessed the UK's implementation of the Net Stable Funding Ratio and Large Exposures standards as largely compliant. The PRA also reported that 100% of authorisation cases were completed within statutory service standards between 1 March 2025 and 28 February 2026, that 37 banking reporting templates were removed from the Rulebook from 31 December 2025 and annual banking reporting templates fell to 760 from 880, and that measures delivered in 2025 reduced firms' administrative burden by an estimated GBP 65.9 million, with a further GBP 32.6 million reduction in progress for 2026 and beyond. On responsiveness and openness, it completed 12 Matching Adjustment reviews with an average decision time of just over 3.5 months, approved both Matching Adjustment Investment Accelerator applications received during the period in about one month on average, and said the joint PRA and Financial Conduct Authority Scale-up Unit had an initial cohort of six firms. The PRA said the next International Monetary Fund Financial Sector Assessment Program review of the UK is expected in 2026/27. It also said it will continue work to streamline reporting through its Future Banking Data programme, with more proportionate reporting for smaller firms under the Strong and Simple framework from 1 January 2027, and that the Scale-up Unit will support further cohorts.
Prudential Regulation Authority2026-06-25
UK Prudential Regulation Authority publishes updated competitiveness metrics including GBP 65.9 million reduction in firms' administrative burden
The Prudential Regulation Authority has published its latest metrics for monitoring delivery of its Secondary Competitiveness and Growth Objective and updated the framework with new measures on administrative burden, insurer investment facilitation and support for innovative firms. The report says measures delivered in 2025 reduced firms' administrative burden by GBP 65.9 million, all authorisation case types were completed on time over the reporting period, and 37 banking reporting templates were removed from the Rulebook. It also records 29 out of 29 Basel standards adopted, 12 Matching Adjustment reviews completed and six firms in the initial PRA and Financial Conduct Authority Scale-up Unit cohort.