3.22 The following proposals apply to:

- UK banks, building societies, and PRA-designated investment firms ('banks');

- Insurance and reinsurance firms and groups in scope of Solvency II, including the Society of Lloyd's and managing agents ('insurers'); and

- UK credit unions with at least £50 million in total assets. Entities in scope of these proposals are collectively referred to as 'firms'.

3.23 As set out in CP30/19 - Outsourcing and third-party risk management, and to reflect the proposals outlined in paragraph 3.6 to 3.9, the PRA proposes to require firms to maintain and submit a structured register of information on all of its material third-party arrangements to the PRA. This would formalise and expand the expectation that banks should maintain a Register of their outsourcing arrangements. This would result in additional rules in the Regulatory Reporting Part set out in Appendix 1.

3.24 The PRA considers that, in complying with existing requirements under Notifications 2.3(1)(e) and Fundamental Rule 7, and record-keeping expectations in Chapter 5 of SS2/21, firms would likely already have records of its material third-party arrangements for this purpose. The PRA has also been collecting a similar register of information from some banks on a voluntary ad-hoc basis since 2018, and has since expanded the collection to also include some insurers since 2023.