PRA confirms consultation on removing requirement for smaller firms to have external audit of SFCR

In a letter to the Treasury Committee on 27 March 2018, the PRA stated that it will consult on removing the requirement for smaller firms to have their SFCRs audited from the end of 2018, which we assume to mean for 31 December 2018 year ends onwards.

It estimates that this would be likely to remove the audit requirements for more than 150 firms. This would reduce the regulatory costs for small firms, although firms may still want to obtain independent reviews of their SFCRs.