The Prudential Regulation Authority (PRA) proposes that 128 thresholds across banking, insurance and credit unions increase automatically with nominal Gross Domestic Product (GDP) going forward. These thresholds cover which regulatory rules apply to firms, how they do so, and what firms are required to report to the PRA. The proposals would modernise the framework by increasing the proportionality and decreasing the costs of compliance for many firms by replacing the manual ad hoc updates that currently take place. Providing more certainty for firms would assist in their business planning and thereby reduce firms’ barriers to growth.
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