The UK Prudential Regulation Authority (PRA) has published its supervisory priorities for 2026, signaling a further shift toward a more streamlined, proportionate supervisory model.
A central change is process-related: the PRA plans to move certain supervisory activity, including Periodic Summary Meetings (PSMs), to a two-year cycle. PSMs are internal, formal reviews in which the PRA considers the risks a firm may pose to its objectives and sets its supervisory strategy for the period ahead. “This will allow us to make our operations more efficient and help streamline firms’ interactions with the PRA,” said Sam Woods, CEO of the PRA.
The regulator said it has already transitioned some firms to biennial reviews in recent years, reflecting longer-term supervisory work plans and freeing up resources to focus on key risks and remediation. From 1 March, larger firms will begin moving to the two-year cycle, alongside a continued cadence of engagement on material matters and ad hoc meetings as needed.
The PRA framed this streamlining as part of its broader agenda to support competition, competitiveness, and growth. Additional measures include: accelerating review timelines for senior manager applications, authorizations, and certain internal ratings model approvals; consulting in summer 2026 on a new UK captive regime for insurers (with a view to launch in 2027); and modernizing reporting through the Future Banking Data project.
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