The Bank of England's Prudential Regulation Authority said on Thursday it would move to a two-year cycle for some supervisory activity involving large banks, as part of a broader push to reduce lenders' regulatory requirements.
“As we set out our priorities for 2026, we are also updating our approach by moving from an annual to a two-year supervisory cycle for firms," BoE Deputy Governor Sam Woods said in a statement.
"This will allow us to make our operations more efficient and help streamline firms’ interactions with the PRA." The BoE will reduce the frequency of Periodic Summary Meetings, formal reviews which consider the risks a given regulated bank may pose to the central bank's broader objectives, to every other year, the BoE said.
It is the latest in a series of moves by Britain's financial authorities to reduce the regulatory burden on the sector, following pressure from the Labour government to promote growth rather than just focus on financial stability.
Other such recent changes include simplifying capital requirements for smaller firms, cutting red tape for insurers, and reducing regulatory requirements for customer-owned building societies and other mutual credit providers, the BoE said.
