PS1/25 – Resolution Assessments: Amendments to Reporting and Disclosure Dates

Pictured: Sam Woods, CEO at the PRA

Context

In CP12/24 the PRA proposed to amend rules 3.1 and 4.1 of the Resolution Assessment Part so that the timing of future report submissions and disclosures would no longer be fixed to two-year cycles. It proposed that firms would continue to be subject to reporting and disclosure obligations on their preparations for resolution on a periodic basis, with the expected dates to be communicated by the PRA well in advance. 

Content

The policy allows greater flexibility over the timing of Resolution Assessment report submissions and disclosures by moving from fixed two-year cycles to a periodic basis.

• Amendments to the Resolution Assessment Part of the PRA Rulebook. 

• Minor changes were made to paragraph 7.6 of SS4/19 to elaborate on the context in which the PRA might need to alter expected dates for reports or disclosures after they have been communicated, and how the PRA would engage with firms before making such a change. 

• An updated supervisory statement (SS) 4/19 – Resolution assessment and public disclosure by firms. Minor textual amendments were made to SS4/19 for consistency of language. 

• “3.1 A firm must submit to the PRA a report in writing of the assessment in 2.1.”

• “4.1 A firm must publish a summary of the most recent report submitted to the PRA under Chapter 3: on a periodic basis.”

Businesses affected

UK banks and building societies to which the Resolution Assessment Part applies.

Next steps for businesses

From 10 January 2025 the final policy will come into effect. Firms are expected to submit reports by the first Friday in October 2026 and publish a disclosure by the second Friday in June 2027 under Resolution Assessment 3.1 and publish disclosures under Resolution Assessment 4.1.