Prudential Regulation Authority finalises shift to periodic resolution assessment reporting and disclosure dates

The Prudential Regulation Authority has issued final policy to give in-scope UK banks and building societies greater flexibility over the timing of Resolution Assessment report submissions and public disclosures, moving away from fixed two-year cycles to a periodic schedule set by the PRA. The changes take effect on 10 January 2025 through amendments to the Resolution Assessment Part of the PRA Rulebook and updates to Supervisory Statement 4/19. All four respondents supported the proposal. The PRA decided not to prescribe a regular frequency (such as a default three-year cycle), while maintaining the expectation that firms are not expected to report more frequently than every two years. Timing will be set by the PRA and the Bank of England based on factors including firms’ resolvability progress, other regulatory obligations and wider developments. The updated supervisory statement also elaborates on when previously communicated dates might be changed and how the PRA would engage with affected firms, noting that postponements would be more likely than bringing dates forward, and it flags that the PRA will undertake a review of the threshold for firms coming into scope of the Resolution Assessment rules. The PRA has separately communicated the next expected dates for report submissions and disclosures, and will continue to provide expected dates well in advance of each cycle.