PRA consultation paper CP5/22 proposes an introduction of a simpler regime and simplified prudential requirements for non-systemic banks and building society. In CP5/22, the PRA have proposed a definition for ‘Simpler-regime Firm’ (SRF).

The Pillar 3 disclosure requirements are now more proportional based on the risk and size of the bank. There is now a requirement to complete a number of prescribed templates as part of the disclosure as well. These changes comes into effect from 1 January 2022.

PRA consultation paper CP5/22 proposes an introduction of a simpler regime and simplified prudential requirements for non-systemic banks and building society. In CP5/22, the PRA have proposed a definition for ‘Simpler-regime Firm’ (SRF).