UK Finance responds to the PRA’s CP 16/23

UK Finance has responded to the PRA’s CP 16/23 on its proposals to update the UK Technical Standards (UKTS) on the identification of global systemically important institutions (G-SIIs).

Whilst we agreed that the regulator’s proposals did the job of faithfully implementing in UK standards the recent changes agreed by the Basel Committee on Banking Supervision, we said that a more fundamental review of its now 12-year-old G-SII assessment framework by the BCBS is warranted and encouraged the PRA to promote this.