## United Kingdom: Financial Sector Assessment Program-Select Issues in Financial Safety Net Arrangements and Financial Crisis Preparedness

_IMF Staff Country Reports, April 8, 2022_

## Source details

**Canonical URL:** [United Kingdom: Financial Sector Assessment Program-Select Issues in Financial Safety Net Arrangements and Financial Crisis Preparedness](https://www.imf.org/en/publications/cr/issues/2022/04/07/united-kingdom-financial-sector-assessment-program-select-issues-in-financial-safety-net-516276)

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## Bibliographic details
- Published: April 8, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400206733.002

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### Overall assessment
- The United Kingdom (U.K.) bank resolution and financial crisis readiness arrangements are sound but with opportunities for continued and accelerated enhancements.
- The U.K. authorities’ individual and collective crisis readiness—including with other major jurisdictions—continues to improve.
- Mid-2022, all major U.K. banks and the authorities will issue the first public statements about these banks’ resolvability.

### Special resolution regime (SRR) and resolvability assessment framework (RAF)
- There is a comprehensive special resolution regime (SRR) and resolvability assessment framework (RAF) for banks.
- The existing SRR and RAF support public resolvability statements by major banks and authorities.

### Gaps and areas for enhancement
- The SRR should be further enhanced, including:
  - Its application to central counterparties (CCPs).
  - Introduction of a special resolution regime for insurance companies.
- Elements of the deposit insurance system should be strengthened.
- Firm-specific resolution decision-making needs reinforcement.

### Implementation and reputation risk
- Implementation risk and reputation risk associated with resolution and crisis arrangements should be addressed to improve overall effectiveness.

### Subject and keywords (as provided)
- Subject: Bank resolution framework, Contingency planning, Crisis management, Financial crises, International organization, Monetary policy, Special resolution regime
- Keywords: Bank resolution framework, Contingency planning, Crisis management, financial crisis preparedness, FSAP's finding, Global, Resolution arrangement, resolvability Assessment framework, Special resolution regime, U.K. financial system

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- **1gbrea2022007**
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_Source: https://www.imf.org/en/publications/cr/issues/2022/04/07/united-kingdom-financial-sector-assessment-program-select-issues-in-financial-safety-net-516276_