Rule Review

The PRA reviews rules to assess if they are operating effectively and delivering their intended impact. The PRA statement on the review of rules sets out its approach.

What is Rule Review?

The review of rules and supervisory statements (‘rule review’) is part of the PRA’s approach to policymaking. The PRA considers it to be an important aspect of being a responsive regulator, enabling it to keep pace with market changes, and to reconsider rules which are not operating as intended or which are no longer appropriate for the UK market. The review of rules can inform future policy development and improve existing policies. Rule reviews can also lead to major or minor changes to the PRA Rulebook depending on the circumstances and evidence base.

The PRA approach to reviewing rules

The PRA’s statement on the review of rules sets out how the PRA approaches rule reviews. It describes:

  • the framework for undertaking rule reviews;
  • how stakeholders (including the PRA’s statutory panels) can engage with the PRA on rule reviews, and how the PRA considers their representations;
  • how the PRA communicates its rule review work to the public; and
  • how the PRA co-ordinates with other public bodies on rule reviews covering areas of shared responsibility.

Examples of recently published reviews include:

In addition to leading on PRA-specific rule reviews, the PRA has also contributed to reviews conducted by international bodies, such as the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS) or the Financial Stability Board (FSB).

Ongoing reviews and future reviews

The PRA publishes information on ongoing reviews that help its stakeholders better understand the review work that it is undertaking. Reviews currently in progress include:

  • Review of Solvency II: ongoing work following the publication of CP12/23 and CP19/23
  • Banking Data Review: details can be found on the Banking Data Review
  • A strong and simple prudential framework for non-systemic banks and building societies: ongoing work following the publication of DP1/21; details can be found on the Strong and Simple
  • Senior Manager and Certification Regime: ongoing work following the publication of DP1/23
  • Deposit Protection Limit Review: Under the Deposit Guarantee Scheme Regulations 2015, the PRA is required to review the deposit protection limit periodically and at least every five years. The first review since EU withdrawal needs to be completed by January 2025 and any changes will be subject to HMT approval.

Details of all current PRA consultations, including those that review existing PRA policy, can be found on the Open PRA consultations and other requests for your feedback.

Who can engage with the PRA on rule review?

The PRA welcomes feedback from a broad range of stakeholders on its rulebook. This includes academia, civil society organisations, market participants (including PRA-authorised firms), public institutions and other interested stakeholders.

Stakeholders should provide practical evidence to show whether, and what aspects of, a rule would benefit from review.

How can stakeholders engage with the PRA on rule review?

Interested parties can share their insights, specific to a rule, a set of rules or a supervisory statement, by emailing the PRA at rule_review@bankofengland.co.uk. Feedback provided should be supported by relevant and verifiable empirical evidence, where possible. Any underlying assumptions should be clearly set out. However, any feedback on live PRA consultations should be sent to dedicated email inboxes set out in the consultation papers rather than to this rule review email inbox.

Moreover, stakeholders can use a range of other channels to engage with the PRA to make representations on the review of rules:

  • they can respond to public consultations and discussion papers on specific topics;
  • PRA-regulated firms can engage via their supervisors;
  • the PRA’s statutory panels can make representations to the PRA via arrangements agreed with the PRA; and
  • firms can engage with the PRA via bilateral meetings, industry roundtables and/or trade-bodies representing their interests.

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This page was last updated 22 February 2024