The Prudential Regulation Authority (PRA) published a letter to the Chancellor on the speed of regulatory approvals, reporting sustained performance against statutory decision deadlines and setting additional internal targets to accelerate outcomes as the Government consults on shortening legislative timelines. In the reporting year 2024/25, 99.7% of applications were determined within deadlines, and previous delays in approving senior managers have been eliminated. For new firm authorisations, where the Government proposes a four-month deadline for complete applications and 10 months for incomplete applications, the PRA will target three months for complete applications from insurance firms using the wholesale insurance accelerated authorisation pathway, six weeks for complete applications from insurance special purpose vehicles, and 10 working days for accelerated insurance special purpose vehicle applications under CP15/24. For other new insurer and deposit-taker authorisations, it will improve communication of expected timelines and provide regular feedback during processing, while continuing pre-application support to improve the quality of submitted materials. For Senior Managers Regime applications, against a proposed two-month statutory deadline, it will aim to complete at least 50% of cases within 45 days and noted that proposed reforms could significantly reduce the number of senior manager roles requiring approval. Quarterly reporting will be enhanced from the beginning of 2026 to show performance against these internal targets and the shorter statutory deadlines proposed in legislation, ahead of those deadlines coming into force.
Prudential Regulation Authority 2025-07-15
UK Prudential Regulation Authority reports 99.7% on-time decisions and sets stretch targets for faster approvals
The Prudential Regulation Authority (PRA) reported to the Chancellor on regulatory approval speeds, achieving 99.7% application determinations within statutory deadlines for 2024/25. The PRA set internal targets to further accelerate outcomes, including a three-month target for complete insurance firm applications and enhanced quarterly reporting from 2026. Proposed reforms aim to reduce senior manager roles requiring approval, targeting 50% of Senior Managers Regime applications within 45 days.