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Home > News and Publications > Procedure for the Enforcement Decision Making Committee – CP/EDMC2017
 

Procedure for the Enforcement Decision Making Committee – CP/EDMC2017

10 November 2017

Summary of proposals

In this consultation paper (CP), the Bank of England (the Bank) sets out in detail how a new Enforcement Decision Making Committee (EDMC) will operate. The EDMC will strengthen the independence and robustness of the decision-making process by the Bank in any contested enforcement cases.

This follows on from an earlier CP which was issued in July 2016, in which the Bank proposed the establishment of the EDMC.

Both CPs respond directly to a recommendation within HM Treasury’s Review of enforcement decision-making at the financial services regulators (the HMT Review).  Specifically, the HMT Review recommended that the PRA establish a functionally independent enforcement decision-making committee, composed of independent members with expertise suited to the PRA’s regulatory focus.

This proposed EDMC goes beyond the HMT Review’s recommendations by extending the model across regulatory areas where the Bank has been granted enforcement powers. At the time of consultation, these areas are the PRA, Financial Market Infrastructure (FMI) and Resolution. In relation to the regime governing Scottish and Northern Ireland banknotes, the Bank will be conducting a separate consultation with the authorised banks.

This consultation will be of interest to authorised deposit-takers and insurance firms, their professional advisers, their auditors and actuaries, and approved persons within the Senior Managers Regime. This consultation will also be relevant to any other firms or individuals who may be interested in the enforcement jurisdiction of the regimes operated under the auspices of the Bank, including: central counterparties, recognised payment systems, critical service providers and securities settlement systems.

Responses and next steps

Please address responses, comments or enquiries by Friday 2 February 2018 to:

Ref: CP/EDMC2017
Regulatory Action Division
Legal Directorate
Bank of England
Threadneedle Street
London
EC2R 8AH

Email: CP_2017EDMC@bankofengland.co.uk

Consultation paper

Procedure for the Enforcement Decision Making Committee

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