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Items tagged with "UK"

PRA Publish Solvency II Supervisory Approach

On 14 November, the UK’s Prudential Regulation Authority (PRA) published a public disclosure of Solvency II related regulations, the PRA’s supervisory approach and supervisory disclosures applicable to the year-end 2018. These are regulations primarily relevant to PRA authorised insurance companies and other insurance regulators. Designed to foster transparency and accountability between supervisory authorities, the extensive […]

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Climate Reporting Falls Short of Investor Expectations

A new UK Financial Reporting Council (FRC) report indicates that companies are falling short of investor expectations for quality, granular climate-related reporting. As we heard from SASB at Data Amplified, demand for climate-related reporting is growing. However, for reporting to be useful for investors, it needs to be clear and comparable. The FRC report provides practical guidance to […]

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Machine Learning on the Rise in Financial Services

A Bank of England (BoE) report has found that the use of machine learning (ML) is on the rise in financial services. The report is based on a joint survey from BoE and the Financial Conduct Authority in 2019 of 106 firms. The UK economy is increasingly powered by big data, with financial services in particular […]

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Predicting UK Bank Distress with Machine Learning

The UK’s Prudential Regulation Authority (PRA) is working on machine learning techniques to predict bank distress. Using novel data sources, mainly confidential regulatory returns, this still experimental early warning system for predicting bank distress significantly outperformed other models. This development follows the Danish Business Authority’s machine learning-based Early Warning Europe, which uses large data sets from five European countries […]

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Will the UK Adopt ESEF? 

With their impending exit from the European Union, will the UK adopt the European Single Electronic Format (ESEF) that becomes mandatory across the EU in January 2020? The Financial Conduct Authority (FCA) have released an update indicating that they are preparing to adopt ESEF in a scenario where the UK remains subject to EU law […]

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FRC Investigate Cash Flow Disclosures

The UK’s Financial Reporting Council (FRC) have published a report examining how effective disclosures of cash flow in annual reports are for investor needs. Investors need information on the generation, availability and use of cash as part of their assessment and analysis – but do current cash flow statements provide enough information? The FRC’s report […]

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UK Update Regulatory Report Guidelines

The UK’s Prudential Regulation Authority (PRA) have issued a supervisory statement updating their guidelines for completing regulatory reports. The guidelines have been updated over the summer following the adoption of the European Banking Authority Taxonomy 2.9, and again in September following the revision of the branch return for international banks. Changes to the branch return […]

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UK Tackles Climate Risk with Forum

Earlier this year the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) announced the launch of the Climate Financial Risk Forum (CFRF), holding their second meeting in July 2019. The CFRF aims to tackle climate-change related financial risks with practical tools and strategic approaches. It brings together senior representatives from the financial sector to […]

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PRA Publish Regulatory Reporting Updates to EBA Taxonomy 2.9

The UK’s Prudential Regulation Authority have updated their rulebook, making a number of changes to regulatory reporting requirements. Following a consultation period, the PRA have published a policy statement outlining the final updated reporting requirements for ring-fenced bank reporting, Capital+ reporting and the scope of Financial Reporting (FINREP) to be reported by certain firms that […]

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UK Considering Mandatory Climate-Related Financial Disclosure

Under a proposed new Green Finance Strategy announced this week the UK Government expects listed companies and large asset owners to disclose the impact of climate change on their businesses from 2022. The Treasury is considering the most effective way of ensuring that this disclosure happens, including, if necessary, requiring mandatory disclosure. The Green Finance […]

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