The Bank of England has published proposals to amend Prudential Regulation Authority Statement of Policy 3/15 to give firms more detail on how the PRA approaches Part VIII transactions. The changes are intended to make the existing legislative framework more transparent and help firms plan transfers and amalgamations more efficiently, following a commitment set out in the PRA and Financial Conduct Authority Mutuals Landscape Report. The draft revisions would set out the sequence firms would typically follow in a Part VIII transfer, provide more clarity on the PRA's decision-making considerations, and explain when the PRA may waive a member vote by the transferee or require an independent actuary's report. They would also clarify how the process applies to friendly societies and to firms that are not friendly societies. The consultation closes on 22 October 2026. Subject to feedback, the changes would take effect when the final Policy Statement is published.
Bank of England2026-07-22
Bank of England consults on clearer Prudential Regulation Authority guidance for Part VIII transfers and amalgamations
The Bank of England has proposed changes to Prudential Regulation Authority guidance on Part VIII transactions to give firms clearer direction on transfers and amalgamations. The draft would set out the usual process, clarify key PRA decision points including member vote waivers and independent actuary reports, and explain the scope for friendly societies and other firms. The consultation closes on 22 October 2026.