Supervised Run-Off

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Application and Definitions


This Part applies to SRO firms, except SRO insurers.


In this Part, the following definitions shall apply:

end date

means the end of the relevant period determined in accordance with regulation 41 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018.


Provision of Run-Off Plan


A firm must, within 28 days of the date on which the firm becomes an SRO firm, submit a run-off plan, in accordance with 3, to the PRA.


Content of Run-Off Plan


A firm’s run-off plan must:

  1. (1) describe the firm’s run-off strategy;
  2. (2) include a description of the business of the firm;
  3. (3) include an explanation of how, or to what extent, the firm will have ceased accepting deposits by the end date; and
  4. (4) cover the run-off period until all deposits, including any interest or premium payable, will be paid, repaid or returned to depositors or otherwise transferred.


Notifications and Annual Updates


A firm must notify the PRA promptly of any matter which has happened or is likely to happen and which represents a significant departure from the run-off plan and either:

  1. (1) explain the nature of the departure and the reasons for it; or
  2. (2) include an amended run-off plan and explain the amendments and the reasons for them.


A firm must, at least annually, update the PRA in writing on progress against, or deviation from, its run-off plan submitted in accordance with 2.