The PRA is taking on wider rule making responsibilities in areas of regulation which were previously covered by retained EU law. Accordingly, the PRA is evaluating its future approach to policy making in line with these new responsibilities and has released CP 11/23 on how it reviews its rules, following its 2022 discussion paper describing its proposals for policy-making.  

The BSA has considered the consultation paper and broadly welcomed the PRA's approach to the review of rules, but has provided further constructive views on how the process for review ought to take mutuals into account. We have now responded to this consultation, and you can read the response here.