This policy statement publishes the final statement of policy, rules and supervisory statement on the changes to the Prudential Regulation Authority (PRA) Handbook as consulted on in CP2/14. It is the first in a series of publications over two years that will reshape the Handbook inherited from the Financial Services Authority (FSA) to create a rulebook containing PRA rules only.
In particular, this policy statement publishes the final set of Fundamental Rules which replace the six Principles for Businesses inherited from the FSA at legal cutover. The Fundamental Rules, which apply proportionately to all firms, align more closely with the PRA’s statutory objectives and are more consistent with the PRA’s underlying detailed rules than the Principles.
Summary of final instruments:
- Fundamental Rules instrument
- Information Gathering instrument
- Auditors instrument
- Lloyd’s (Actuaries and Auditors) instrument
- Permissions and Waivers instrument
- Use of Skilled Persons instrument
- Notifications instrument
The statement of policy on the financial stability information power is published separately.
Statement of Policy