Bank of England Operational Resilience Incident Reporting Guidance

Bank of England News

Published March 18th, 2027

Detected March 18th, 2026

Summary

The Bank of England has published Supervisory Statement SS1/26, outlining expectations for firms reporting operational incidents. This guidance, effective March 18, 2027, aims to enhance the operational resilience of the UK financial sector by ensuring consistent reporting of incidents that could impact financial stability.

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What changed

The Bank of England (PRA) has issued Supervisory Statement SS1/26, effective March 18, 2027, detailing its expectations for firms regarding the reporting of operational incidents. This guidance clarifies the requirements outlined in the PRA Rulebook, aiming to bolster the operational resilience of the UK financial sector by collecting information on incidents that pose a risk to firms' safety and soundness, policyholder protection, or overall financial stability.

Regulated entities, including UK banks, building societies, designated investment firms, overseas bank branches, UK Solvency II firms, and Lloyd's managing agents, must comply with these reporting requirements starting March 18, 2027. The objective is to establish clear and consistent reporting standards for when firms experience operational incidents, thereby supporting the PRA's oversight and the sector's resilience.

What to do next

Review Supervisory Statement SS1/26 for detailed incident reporting requirements.
Update internal incident reporting policies and procedures to align with PRA expectations.
Ensure relevant personnel are trained on the new reporting standards by the effective date of March 18, 2027.

Source document (simplified)

SS1/26 – Operational resilience: Incident reporting

Supervisory statement 1/26

Published on 18 March 2026. Effective from 18 March 2027.

This supervisory statement (SS) sets out the PRA’s expectations of how firms should comply with the requirements in the PRA Rulebook for reporting an operational incident.

These requirements seek to support the operational resilience of the UK financial sector by collecting information from firms on operational incidents that pose a risk to the safety and soundness of firms, policy holder protection or UK financial stability. Further, the aim of the incident reporting policy is to set out clear and consistent reporting requirements and expectations for firms for when they experience an operational incident.

This SS is relevant to all:

UK banks, building societies, PRA-designated investment firms, UK branches of overseas banks; and
UK Solvency II firms, the Society of Lloyd’s, and its managing agents. Supervisory statement 1/26

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