Wed. Apr 8th, 2020

Planet Compliance

Innovation & Regulation in Finance

PRU update on approach to enforcement: statutory statements of policy and procedure

2 min read

The Prudential Regulation Authority has published an update to its approach to enforcement: statutory statements of policy and procedure, which can be found here along with the Statement of Policy.

This Prudential Regulation Authority (PRA) Statement of Policy was first published on 1 April 2013 and included statutory statements of policy and procedure in relation to:

(a) Statutory notices and decision making;
(b) Financial penalties;
(c) Suspensions and restrictions;
(d) Settlement;
(e) Publicity of regulatory action; and
(f) Conduct of interviews pursuant to section 169(7) of the Financial Services and Markets Act 2000 (as amended) (‘the Act’).

Following the publication on 21 January 2016 of Policy Statement 1/16 ‘Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries’ (see Related links), this Statement of Policy has been updated to:

(a) present the PRA’s statements of policy as chapters rather than appendices, to be consistent with other PRA policy publications; and
(b) reflect the statements of policy set out in PS1/16 with:

(i) an amendment to the statement of the PRA’s policy on statutory notices and the allocation of decision making under the Act, as set out in paragraph 16A in Chapter 1; and
(ii) a new statement of the PRA’s policy on the imposition and amount of financial penalties under the Act on persons who are, or have been, auditors or actuaries of a PRA-authorised person, appointed under or as a result of a statutory provision, as set out in Chapter 7.

This Statement of Policy includes the original content from the April 2013 version with the amendments and additions set out in PS1/16.

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