Prudential Regulation Authority (PRA) (2024)

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• Company Law
• Department for Energy, Science and Net Zero (DESNZ)
• EU Law
• Financial Reporting Council
• Market Rules
• Prudential Regulation Authority (PRA)
• The Department for Business and Trade (DBT)
• UK Endorsem*nt Board (UKEB)
• UK Sustainability Disclosure Policy and Implementation Committee (PIC)
• UK Sustainability Disclosure Technical Advisory Committee (TAC)

Related news

• PRA publishes its thematic feedback from the 2021/2022 round of written auditor reporting

• 14 Oct, 2022

• The Prudential Regulation Authority (PRA) has published a letter to Chief Financial Officers of selected deposit-takers which provides thematic feedback from the PRA’s review of written auditor reports received in 2022.

• Taskforce on Disclosures about Expected Credit Losses (DECL) publishes updated guidance

• 27 Sep, 2022

• The Taskforce on Disclosures about Expected Credit Losses ("the DECL Taskforce") has published updated guidance on what good IFRS 9 Expected Credit Loss accounting (ECL) disclosures look like.

• Joint statement by the FCA, PRA, TPR and FRC on the publication of Climate Change Adaptation Reports 

• 01 Nov, 2021

• The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), The Pensions Regulator (TPR) and the Financial Reporting Council (FRC) have issued a joint statement on the publication of their Climate Change Adaptation Reports.

• The Climate Financial Risk Forum publishes its second set of guides to help the financial industry to address climate-related financial risks

• 22 Oct, 2021

• The Climate Financial Risk Forum (CFRF), jointly established in March 2019 by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), has published its second set of guides to help the financial industry effectively manage climate-related financial risks.

• PRA publishes its thematic feedback from the 2020/2021 round of written auditor reporting

• 06 Oct, 2021

• The Prudential Regulation Authority (PRA) has published a letter to chief financial officers of selected deposit-takers which provides thematic feedback from the PRA’s review of written auditor reports received in 2021.

• FRC publishes consolidated covid-19 guidance for companies and auditors.

• 14 Dec, 2020

• The Financial Reporting Council (FRC) has published consolidated COVID-19 guidance for companies and auditors. The consolidated guidance supersedes all previous FRC guidance for companies and auditors.

• FRC publishes year-end advice to Audit Committee Chairs and Finance Directors in advance of the 2020/21 reporting season

• 14 Nov, 2020

• The Financial Reporting Council (FRC) has published a letter to Audit Committee Chairs and Finance Directors, in advance of the 2020/21 reporting season, setting out its expectations for preparers of reports and accounts for the coming year.

• The Climate Financial Risk Forum publishes its guide to help the financial industry address climate-related financial risks

• 08 Jul, 2020

• The Climate Financial Risk Forum (CFRF, jointly established in March 2019 by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA)) has published an industry guide addressing climate-related financial risks.

• PRA publishes guidance on the application of IFRS 9 for payment deferrals

• 12 Jun, 2020

• The Prudential Regulation Authority (PRA) has sent a letter to chief executive officers of UK banks providing guidance on how to account for the ending of initial payment deferrals offered due to COVID-19.

• FRC, FCA and PRA issue Covid-19 guidance for companies and auditors

• 26 Mar, 2020

• The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have published a joint statement relating to the impact of Covid-19 on financial reporting.

• UK taskforce publishes second report on IFRS 9 expected credit loss disclosures

• 13 Dec, 2019

• In November 2017, the Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and the Prudential Regulatory Authority (PRA) set up the Taskforce on Disclosures about Expected Credit Losses (‘the DECL Taskforce’). The idea being that the Taskforce would be a partnership between preparers and users, coming together to engage constructively on expected credit loss (ECL) disclosure. The model for this was the Enhanced Disclosure Task Force (EDTF).

• DECL Taskforce publishes first report on IFRS 9 ECL disclosures

• 28 Nov, 2018

• The Taskforce on Disclosures about Expected Credit Losses (‘the DECL Taskforce’) has published its first report, 'Recommendations on a comprehensive set of IFRS 9 Expected Credit Loss disclosures'.

• PRA letter to CFOs on minimum disclosures about ECL on transition to IFRS 9

• 12 Jan, 2018

• The Prudential Regulation Authority (PRA) has set out in a letter to CFOs its expectations as to the minimum transition disclosures about Expected Credit Losses (ECL) that will be provided on transition to International Financial Reporting Standard (IFRS) 9 Financial Instruments.

• PRA publishes IFRS 9 note to non-executive directors

• 01 Nov, 2017

• The Prudential Regulation Authority (PRA) has published a note entitled ‘Getting ready for IFRS 9’ which is aimed at non-executive directors (NEDs) who sit on the board of firms affected by the implementation of International Financial Reporting Standard (IFRS) 9 ‘Financial Instruments’; particularly those who are also on the audit committee.

• FRC approves adoption of two new auditing standards for use in the UK

• 02 Nov, 2016

• The Financial Reporting Council (FRC) has approved the adoption of two new auditing standards: ISA (UK) 800: Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks (ISA 800) and ISA (UK) 805: Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (ISA 805).

• FRC consults on adopting international auditing standards to facilitate public assurance of insurers’ Solvency II reports

• 14 Jul, 2016

• The Financial Reporting Council (FRC) has released a consultation on the adoption of International Standards on Auditing (ISAs) 800 (Revised) Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and 805 (Revised) Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement in the UK.

• PRA finalises rules on audit committees under the revised Statutory Audit Directive

• 20 May, 2016

• The Prudential Regulation Authority (PRA) has published its final rulebook text to implement the requirements of the revised Statutory Audit Directive (2014/56/EU). Under the previous version of the Directive, the UK had taken the member state option to exempt unlisted banks and insurance undertakings from the statutory requirement to have an audit committee. The revised Directive has no such exemption.

• PRA issues supervisory statement on good board governance for PRA-regulated firms

• 31 Mar, 2016

• The Prudential Regulation Authority (PRA) has published a supervisory statement which identifies some key aspects of good board governance for boards to consider to which the Prudential Regulation Authority (PRA) attaches particular importance and pays close attention to in the course of its supervision.

• Bank of England issues Policy Statement following its consultation on the interaction of the PRA with external auditors and actuaries

• 21 Jan, 2016

• The Bank of England has issued Policy Statement (PS) 1/16 ‘Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries’.

• PRA consults on changes to audit committee requirements as a result of EU audit reform

• 18 Sep, 2015

• The Prudential Regulation Authority (PRA) has issued a consultation paper that proposes changes to audit committee requirements for banks, building societies and insurance undertakings as a result of the UK implementation of the EU Audit Directive (2014/56/EU); specifically implementing the requirements of Article 39. The PRA has also proposed that these requirements will apply to UK designated investment firms.

• PRA consults on good board governance for PRA-regulated firms

• 27 May, 2015

• The Prudential Regulation Authority (PRA) has published a consultation paper seeking views on a draft supervisory statement which looks to identify some key aspects of good board governance for boards to consider and to which the Prudential Regulation Authority (PRA) pays close attention in the conduct of its supervision.

• PRA clarifies its expectations on the use of UK GAAP under Solvency II

• 14 Apr, 2015

• The Prudential Regulation Authority (PRA) has issued a consultation paper seeking feedback on a draft supervisory statement that sets out its expectations for firms within the scope of Solvency II wishing to recognise and value assets and liabilities under UK Generally Accepted Accounting Principles (UK GAAP) for Solvency II purposes.

• We comment to BIS and the FRC on EU audit reform

• 20 Mar, 2015

• We have published our comment letters on the Department for Business, Innovation and Skills’ (BIS) discussion document on the implications of the EU and wider reforms to auditor regulation and the Financial Reporting Council (FRC)’s consultation paper on the implementation of the EU Audit Directive and Audit Regulation.

• Bank of England consults on interaction of the PRA with external auditors and actuaries

• 03 Mar, 2015

• The Bank of England has issued a consultation paper introducing two proposals on the interaction of the Prudential Regulation Authority (PRA) with external auditors and actuaries. The consultation paper ‘CP8/15 ‘Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries’ is open for comment until 27 May 2015.

• BIS issues Discussion Paper on audit reform

• 18 Dec, 2014

• The Department for Business Innovation & Skills (BIS) has issued a paper on audit reform. "Audit regulation - discussion document on the implications of the EU and wider reforms" proposes changes in the UK to implement the EU Audit Directive (‘the Directive’) and Audit Regulation (‘the Regulation’), as well as other changes that may be made to enhance confidence and strengthen the audit regime. The Financial Reporting Council (FRC) has also issued a consultation document on the same topic.

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  23 Nov, 2020

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  20 Mar, 2015

• Deloitte comment letter on HM Treasury draft Regulations and draft guidance on CRD IV country-by-country reporting.

  27 Nov, 2013

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