UK PRA extends Phase 1 Pillar 2A review consultation and defers implementation of certain risk areas

The UK Prudential Regulation Authority (PRA) has announced an extension to the consultation period for CP12/25 which sets out Phase 1 of its Pillar 2A review. The consultation was originally published on 22 May. In response to industry feedback that respondents may benefit from extra time, particularly due to other concurrent regulatory consultations that close in early September, the deadline for responses has been extended from 5 September to 30 September. Additionally, the proposed implementation date for changes relating to pension obligation risk and market and counterparty credit risk (Chapters 4 and 5) have been deferred from 2 March 2026 to 1 July 2026. The implementation timeline for credit risk and operational risk proposals (Chapters 2 and 3) remains unchanged, aligned with the Basel 3.1 implementation date of 1 January 2027.

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