The BoE and PRA have finalised changes to firms’ resolution reporting and disclosure requirements.
The key changes include:
- Increasing the threshold for firms in scope of the Resolution Assessment Framework reporting and disclosure requirements from £50bn to £100bn in retail deposits (from 1 April 2026);
- Requiring Small Domestic Deposit Takers to review their recovery plans every 2 years rather than annually (from 1 April 2026); and
- Simplifying and clarifying existing expectations are Minimum Requirement for Own Funds and Eligible Liabilities (MREL) reporting (from 1 January 2027).
The regulators hope that the amendments will reduce the regulatory burden on firms while maintaining a robust regime to support growth and competition.