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Home > Prudential Regulation Authority > Whistleblowing in non-EEA UK branches – PS8/17
 

Whistleblowing in non-EEA UK branches – PS8/17

26 April 2017

Overview

This Prudential Regulation Authority (PRA) policy statement (PS) provides feedback to responses for Consultation Paper (CP) 35/16 ‘Whistleblowing in UK branches’ and sets out the final rules. 

This PS is relevant to:

  • UK branches of non-European Economic Area (EEA) deposit-takers;
  • UK branches of non-EEA Solvency II insurers; and
  • UK firms that are the UK subsidiaries of non-EEA deposit-takers with a UK branch.

In CP35/16 the PRA proposed to require:

  • UK branches of non-EEA banks and both EEA and non-EEA insurers to inform their workers about the PRA and the Financial Conduct Authority (FCA) whistleblowing services; and
  • any non-EEA deposit-taker with both a UK branch and UK subsidiary which is subject to the existing whistleblowing rules, to inform the UK branch staff about the subsidiary’s whistleblowing channel. This proposal did not apply to insurers.

Feedback on consultation responses

The PRA received nine responses to CP35/16. There was broad support for the proposals among respondents to the consultation and the PRA has made no changes to the final rules as a result of the responses received. However, the PRA has decided not to apply the whistleblowing rules to UK branches of EEA insurers as proposed in CP35/16. The change to the scope aligns the rules for deposit-takers with those for insurers. Therefore, the rules will not apply to UK branches of EEA deposit-takers or insurers. The PRA has made minor changes in the final rules to correct referencing.

Policy statement

Whistleblowing in non-EEA UK branches – PS8/17

Appendices

  1. PRA RULEBOOK: CRR FIRMS, NON-CRR FIRMS: THIRD COUNTRY BRANCHES (WHISTLEBLOWING) INSTRUMENT 2017
  2. PRA RULEBOOK: SOLVENCY II FIRMS: THIRD COUNTRY BRANCHES (WHISTLEBLOWING) INSTRUMENT 2017
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