março 18, 2021

Prudential Regulation Authority publishes PS2/21

 

Prudential Regulation Authority publishes PS2/21

Solvency II: The PRA’s expectations for the work of external auditors on the matching adjustment

18 March 2021

We published PS2/21 ‘Solvency II: The PRA’s expectations for the work of external auditors on the matching adjustment’, which includes updates to SS11/16 ‘Solvency II: External audit of, and responsibilities of the governing body in relation to, the public disclosure requirement’

This PS is relevant to UK Solvency II firms (including mutuals) that have approval to make use of the matching adjustment (MA). It is especially relevant to those firms that are subject to an audit requirement in respect of their Solvency and Financial Condition Report (SFCR). The PS is also relevant for the auditors of such organisations and the users of these SFCRs. 

The changes to SS11/16 will be effective from Thursday 1 July 2021, and the updated version will replace the existing version at that date. The new expectations set out in the updated SS will come into effect for audits in respect of accounting periods ending on or after Thursday 1 July 2021.