The Bank of England’s Prudential Regulation Authority (PRA) has published Supervisory Statement 1/26 setting out its expectations for how firms should comply with the PRA Rulebook requirements to report an operational incident, with the regime effective from 18 March 2027. The incident reporting requirements are intended to support the operational resilience of the UK financial sector by collecting information on operational incidents that pose a risk to firms’ safety and soundness, policyholder protection or UK financial stability, and by establishing clear and consistent reporting requirements and expectations. The statement applies to UK banks, building societies, PRA-designated investment firms and UK branches of overseas banks, as well as UK Solvency II firms, the Society of Lloyd’s and its managing agents.
Bank of England 2026-03-18
Bank of England's Prudential Regulation Authority issues operational incident reporting expectations effective 18 March 2027
The Bank of England's Prudential Regulation Authority has issued Supervisory Statement 1/26, detailing expectations for firms to comply with operational incident reporting requirements under the PRA Rulebook, effective 18 March 2027. These requirements aim to enhance the operational resilience of the UK financial sector by standardizing incident reporting for risks to firms' safety, policyholder protection, or UK financial stability. The statement applies to UK banks, building societies, PRA-designated investment firms, UK branches of overseas banks, UK Solvency II firms, the Society of Lloyd’s, and its managing agents.