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.