PS15/25 – Closing liquidity reporting gaps and streamlining Standard Formula reporting
Executive Summary
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.
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 - Total value of on and off-balance sheet securities involved in lending or repurchase agreements exceeding £1 billion For ring-fenced funds (RFFs), a separate threshol
What You Need To Do
- *Immediate Actions (by Q2 2026)
- *Threshold Assessment
- *RFF Mapping
- *System Readiness
- *Data Governance
- *Pre-Implementation (by 30 September 2026)
Key Dates
Compliance Impact
Urgency: HIGH
Who is Affected
Summary
Policy statement 15/25