Our response to coronavirus (Covid-19): regulatory measures for PRA firms

We are putting in place measures to support firms regulated by the Prudential Regulation Authority (PRA) during this difficult time.

We have taken a number of actions to help PRA-regulated firms deal with Covid-19. These regulatory actions are designed to maintain financial stability, ensure the safety and soundness of firms and make sure policyholders are protected.

We are working closely with regulated firms, the Financial Conduct Authority, HM Treasury, the Government and other financial regulators to co-ordinate our response in the most effective way.

Firms can find details of our regulatory response to support them below.

Details of any further regulatory actions to support firms will be published on this page.

Latest news and updates

9 November 2020: We published an updated statement on Covid guidance to replace previous guidance for PRA-regulated firms ‘Statement by the PRA on key financial workers who are critical to the Covid-19 response’, in light of updates from UK Government.

28 October 2020: We published CP19/20 ‘Resolution assessments: Amendments to reporting and disclosure dates’. These proposals in this CP are made in light of the PRA’s decision to alleviate operational burdens on firms due to the impact of Covid-19, and to ensure firms’ senior management are able to engage fully in the Resolvability Assessment Framework (RAF) report submission (reports) and disclosure (public disclosures) process.

The CP is relevant to UK banks and building societies with £50 billion or more in retail deposits on an individual or consolidated basis, as at the date of their most recent annual accounts. Responses are requested by Sunday 31 January 2021.

7 October 2020: We sent a letter to all PRA-regulated credit unions notify them of our decision to publish a model direction modifying a PRA rule on minimum provisioning requirements, which is available on the Waivers and modification of rules page

24 September 2020: We note the recent statement made by UK Government and Devolved Administrations on Covid-19 on Tuesday 22 September 2020. Firms should continue to follow Government advice on working from home until notified otherwise. 

The financial services industry has continued to operate during the coronavirus outbreak with homeworking and some workers operating in locations such as branches and call centres.

We have previously published advice on the steps financial firms should take ‘Statement by the PRA on key financial workers who are critical to the Covid-19 response’  – this has been updated today to reflect recent developments.

27 August 2020: We published ‘Update to the temporary approach to VAR back-testing exceptions to mitigate the possibility of excessively pro-cyclical market risk capital requirements’ following our previous ‘Statement on VAR back-testing exceptions temporary approach’, which was published on Monday 30 March 2020. 

26 August 2020: We published a statement clarifying the PRA's approach to IFRS 9 and capital requirements in response to updated FCA guidance on retail mortgage payment deferrals.

11 August 2020: In response to a request from the Building Societies Association, we published a letter from Mel Beaman, Director for UK Deposit Takers: ‘Building societies sourcebook – fixed rate lending guidelines’.

Latest PRA publications

This page was last updated 09 November 2020

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