On 11 December 2024, The Prudential Regulation Authority (PRA) released its consultation paper CP19/24 – Closing liquidity reporting gaps and streamlining Standard Formula reporting, aimed at improving transparency, data quality and resilience in financial reporting. This is a new consultation that signals further changes to how UK insurers gather, check and share financial information. For those in finance and reporting roles, this is not simply another regulatory update, it’s an opportunity to reassess how information is managed across the business, to modernise data and systems and to make sure that reporting processes are suitable for what lies ahead.
This follows the PRA’s earlier focus on liquidity and financial resilience which asked insurers to demonstrate that they could manage cash and capital effectively. CP19/24 goes a step further by asking firms to show that the data and systems supporting those figures are sound. The focus is shifting from what is reported to how the information is produced and verified – meaning the integrity of the systems and controls behind it.
CP19/24 forms part of the PRA’s wider efforts to simplify and strengthen regulatory reporting for UK insurers. It builds on CP12/23 and introduces proposed changes to templates, data requirements and validation rules under Solvency II and related frameworks. The goal is to make reports more reliable and comparable across the industry, revising certain templates, removing duplication and clarifying how data should be submitted.
In practice, this means that insurers will need to tighten the way they handle their data. The PRA wants firms to have clear evidence of how information moves through their systems, from initial input to final submission, and to show that every stage is controlled and documented. For companies that are still using manual methods or fragmented systems, the short-term impact is likely to be increased complexity and operational pressure.
The consultation highlights the need for insurers to have well-organised, accurate and traceable data. For CFOs and finance transformation leads, the regulatory shift brings an opportunity to address long-standing inefficiencies and future-proof the reporting process.
For many finance teams, that means focusing on three critical areas:
Data accuracy and oversight – The PRA’s increased scrutiny means that data must be complete, accurate and easily traceable, from source to submission. Firms that still depend on manual data extraction or unstructured repositories will struggle to meet these expectations. Establishing a single, trusted view of key data, supported by clear ownership and governance, is the first step
Reducing manual effort – manual data handling is slow and prone to mistakes. Automated reporting solutions that gather, reconcile and validate data can significantly reduce the risk of human error while speeding up the reporting cycle, allowing staff to focus on analysis rather then reconciliation
Internal controls and assurance – effective checks and approvals at each stage of the reporting process underpin both regulatory and business performance. This includes automated validation checks, version control and clear segregation of duties across the reporting chain. A well-documented control framework not only helps to demonstrate compliance but also supports internal and external audit readiness.
Reporting has often been seen as an administrative burden but, with the right technology, it can become more accurate and less stressful. Forward-thinking insurers are adopting cloud-based platforms, regulatory reporting engines and integrated analytics tools that keep information consistent across departments and offer agility and control. These tools enable real-time insights, better scenario modelling and seamless updates when new regulatory templates or rules are introduced.
Emerging technologies such as robotic process automation (RPA) and machine learning are also helping finance teams to identify anomalies, predict data issues and optimise control testing. As a result, reporting has become more accurate, less time-consuming and better aligned with strategic decision-making. Even smaller steps, such as standardising how data is stored or using basic workflow software to track approvals, can make a noticeable difference. The most successful changes tend to be those that simplify tasks rather than add complexity.
The benefits also extend beyond compliance. A robust, automated reporting environment creates a foundation for better strategic decision-making, empowering CFOs and their teams to make faster, more informed decisions about capital, risk and investment.
Although CP19/24 is still under consultation, it’s clear that the PRA expects greater transparency, traceability and technological maturity from the insurance sector. CFOs who take a proactive approach now will be in a far stronger position when new requirements are confirmed.
Some practical actions to consider include:
Review how data is collected and shared – identify your current processes and highlight inefficiencies caused by duplicated or delayed information
Involve technology and compliance teams early – align system changes with regulatory requirements rather than trying to retrofit solutions later
Develop a transformation roadmap – start with areas where the risk of error or delay is highest and plan long-term improvements to data and systems
Encourage continuous improvement – regulatory expectations will continue to evolve, so treat reporting modernisation as an ongoing effort, not a one-off project. Building adaptive, technology-driven reporting processes will ensure that your organisation remains compliant and competitive.
CP19/24, and the broader wave of reporting reform, shouldn’t be seen as just another compliance hurdle, but as an opportunity to build a more efficient, resilient finance function.
By modernising data, strengthening controls and embracing automation, UK insurers can gain clarity, control and confidence in their reporting. And, in doing so, they’ll not only meet regulatory expectations, but position themselves for smarter, faster decision-making in an increasingly data-led industry.
CP19/24 may be challenge but it’s also a reminder that better information helps people to make better decisions. For finance teams, the job now is to make sure that the numbers that they crunch tell a clear, accurate story, and turn that information into a lasting competitive advantage.
Next time: Value vs Volume: Rethinking MI and board reporting in insurance finance
If you’d like more information about any aspect of preparing for CP19/24 and future regulatory reporting demands, contact us.