Solvency II newsflash
PRA publishes supervisory statement on equity release mortgages
18 Dec 2018 - Estimated reading time: 4 minutes
On 10 December 2018, the Prudential Regulation Authority (PRA) published its feedback on the responses it has received following a period of consultation on equity release mortgages (PS31/18) and an updated supervisory statement (SS3/17). Details of the consultation paper previously issued by the PRA on equity release mortgages (CP13/18) can be found in our previous newsflash.
The PRA provided an update on 25 October 2018 that any changes it proposes to make will be deferred by a year from the original intended date of 31 December 2018 to 31 December 2019 and highlighted that details of the final changes will be published in due course – which is covered in the revised SS3/17.
This newsflash compares the changes initially proposed by the PRA in CP13/18 and those implemented in the revised SS3/17, and highlights the areas where the PRA intends to consult further next year.