*Primary Targets: Major insurance firms Firms meeting the £10 billion derivatives or £1 billion securities lending thresholds Ring-fenced fund managers within larger insurance groups with £500 million+ derivatives exposure *Secondary Impact: Insurance groups subject to group supervision requirements UK holding companies of insurance groups Firms currently exempt from standard formula reporting (potential relief)

What should firms consider doing?

*Immediate Actions (by Q2 2026): *Threshold Assessment: Determine whether your firm meets the £10 billion derivatives or £1 billion securities lending thresholds *RFF Mapping: If applicable, identify ring-fenced funds with £500 million+ gross notional derivatives exposure *System Readiness: Begin implementing technical infrastructure for monthly and daily reporting submissions *Data Governance: Establish processes to capture and validate liquidity data in the required templates *Pre-Implementation (by 30 September 2026):

🇬🇧 PRA Policy Statement high

PS15/25 – Closing liquidity reporting gaps and streamlining Standard Formula reporting

Published 30 September 2025 | United Kingdom

AI Analysis

PS15/25 introduces **new liquidity risk reporting requirements for major UK insurance firms**, closing data gaps identified during the March 2020 "dash for cash" and September 2022 LDI crisis. The policy mandates four new reporting templates for firms with significant derivatives or securities lending exposure, with implementation deferred to **30 September 2026** to allow adequate preparation time.

Key dates

30 September 2025: - PRA published PS15/25 (policy statement)
31 December 2025 Deadline: - Original implementation deadline (now superseded)
30 September 2026: - **Final implementation date for all liquidity reporting requirements**
First reporting reference date after 30 September 2026 Deadline: - Firms meeting threshold conditions must commence reporting
Three consecutive annual reporting reference dates: - Threshold for ceasing reporting once firms fall below thresholds

Suggested considerations

*Immediate Actions (by Q2 2026):
*Threshold Assessment: Determine whether your firm meets the £10 billion derivatives or £1 billion securities lending thresholds
*RFF Mapping: If applicable, identify ring-fenced funds with £500 million+ gross notional derivatives exposure
*System Readiness: Begin implementing technical infrastructure for monthly and daily reporting submissions
*Data Governance: Establish processes to capture and validate liquidity data in the required templates
*Pre-Implementation (by 30 September 2026):

What changed

The PRA's final policy establishes the following regulatory framework: New Reporting Templates Four new liquidity reporting templates have been introduced to capture previously unavailable data:
Annual committed facilities template
Monthly cash-flow mismatch template (short form)
Monthly cash-flow mismatch template for ring-fenced funds, matching adjustment portfolios, and remaining parts
Additional supervisory reporting requirements Scope and Thresholds Firms are subject to liquidity reporting if they meet both of the following conditions:
Gross notional value of derivatives contracts exceeding £10 billion, OR

Compliance impact

Urgency: HIGH

Who is affected

*Primary Targets:
Major insurance firms
Firms meeting the £10 billion derivatives or £1 billion securities lending thresholds
Ring-fenced fund managers within larger insurance groups with £500 million+ derivatives exposure
*Secondary Impact:
Insurance groups subject to group supervision requirements
UK holding companies of insurance groups
Firms currently exempt from standard formula reporting (potential relief)

*Regulatory Background
*Industry Feedback and Modifications
*Proportionality Approach
*Standard Formula Reporting Relief
risk activities while intensifying oversight of systemic risks.1
*Professional Guidance

References

AI-generated analysis. May contain errors or omissions — verify with the original PRA source before acting. Full disclaimer.

What the PRA said

Policy statement 15/25

Published by PRA . Read the full notice at the source for the authoritative text.

Sectors

Insurance & Pensions

Topics

Prudential / Capital Requirements Reporting & Disclosure Operational Resilience / Outsourcing

Relevant Firm Types

Insurance

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