HMT/PRA: Changes to the Risk Transformation Regulations
Further to its July 2025 consultation, HMT has published its consultation response paper. PRA has welcomed HMT’s proposals to progress legislative reforms to the UK’s risk transformation regime, affecting ISPVs and to enable the use of PCC captives. The Government intends to take forward the reforms. Primary legislation will be introduced as soon as Parliamentary time allows to clarify funding expectations for transformer vehicles and to provide a power to make secondary legislation enabling protected cell companies to effect and carry out contracts of insurance. Secondary legislation implementing these changes would follow once that power is in place.
For more information
- https://assets.publishing.service.gov.uk/media/69ef89a808ecdb5c6f34b009/Changes_to_the_Risk_Transformation_Regulations_-_Consultation_Response_HMT_version_for_publication.pdf
- https://www.bankofengland.co.uk/prudential-regulation/publication/2026/april/pra-statement-hmt-risk-transformation-reg-response
Last updated · 29 Apr 2026
Regulatory News - Financial Services & Regulation
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