The Prudential Regulation Authority (PRA) published the 2024/25 annual report of its Practitioner Panel, covering 1 March 2024 to 28 February 2025, setting out how the independent Panel provided practitioner input and scrutiny on the PRA’s policies and practices for banking and insurance. Across six meetings with PRA and wider Bank of England senior staff and Prudential Regulation Committee members, the Panel discussed topics including Basel 3.1 implementation, a planned consultation on supervisory expectations for ICT and cyber risk within operational resilience, proposed updates to supervisory statement 3/19 on climate-related risk management, and the Pillar 2A review. It also provided feedback on proportionality and streamlining in the Senior Managers and Certification Regime authorisations process, and contributed views to the Independent Evaluation Office’s work on the PRA’s secondary competitiveness and growth objective. A review of the nominations process led to inviting the Lloyd’s Market Association and the Association for Financial Markets in Europe to each nominate one member, while the Personal Investment Management & Financial Advice Association would no longer nominate a member; the report also notes several mid-term member replacements, with Helen Pickford and Muir Mathieson continuing as chair and deputy chair. The Panel is scheduled to meet six times in the 2025/26 reporting period, with an agenda expected to prioritise topics ahead of public consultation and to revisit issues as they develop, alongside any emerging matters raised by the Panel or the PRA.

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