On 15 December 2014, the PRA updated its webpage on the standard formula under the Solvency II Directive. The standard formula is the methodology that most firms across the EU are expected use to calculate their solvency capital requirement (SCR).

The webpage says that in 2015 the PRA will review the appropriateness of the standard formula for all firms intending to use the standard formula to calculate their SCR. The PRA has identified a set of priority firms for which standard formula appropriateness will be reviewed by the end of the first quarter of 2015 and it will conduct high-level review work on all other standard formula firms throughout 2015.