Authorisations

Firms and individuals must apply to the Prudential Regulation Authority (PRA) for authorisation to carry out any of the activities that we regulate. There are also certain changes that they must either apply to or notify us about.

Update 1 October: We published Consultation Paper (CP) 21/18 'Regulatory transactions: Changes to notification and application forms', relevant to all PRA-authorised firms as well as firms that have a qualifying holding, or which intend to acquire a qualifying holding in a PRA-authorised firm. This consultation closes on Thursday 1 November 2018.

Update 28 September: We are aware that firms are considering the forthcoming cessation of the waiver by consent (WBC) for Continuity of Access rules (Depositor Protection Part of the PRA Rulebook (DPP) 13.4-13.8 inclusive) and Continuity of Access reporting requirements (DPP 15.2-15.4 inclusive and 15.7). The WBC ends on 1 December 2019 – materials are currently available on the Waivers and modifications of rules webpage. Firms that are subject to the WBC or other continuity of access waivers should wait for further communication from the PRA before instigating any planning or projects to implement Continuity of Access from 1 December 2019. The Bank of England and the PRA are still considering the appropriate approach. As we did when the policy was initiated we will ensure that firms have at least 18 months to implement changes should they be needed.

Privacy notice

How we use your information

Information we collect

Through our authorisations forms, the Bank of England (the ‘Bank’) collects personal data about you. This personal data could include (depending on the application or notification form submitted) personal identification details, contact information, addresses, employment history and information relating to fitness and propriety such as criminal, civil and regulatory matters. Each form clearly states what personal data is being gathered. The Bank may make further enquiries and seek similar information from third parties and other data sources as we think appropriate to identify and verify information that we consider relevant to the application or notification, this could include criminal, credit and other background checks.                                                                                               

Why we need your personal data

The Bank collects personal data to process a range of authorisation applications and notifications, which include:

  • New firm authorisations
  • Senior Management and Senior Insurance Management Functions
  • Waivers and Modifications of rules
  • Variations and cancelling of Permissions
  • Change in Control
  • Standing Data
  • Passporting

This information is used to assist the Bank of England in discharging its functions, in particular the statutory functions of the Prudential Regulation Authority under the Financial Services and Markets Act 2000 and other relevant legislation.

What we do with your personal data

In complying with applicable laws and for law enforcement purposes, we may disclose information to any government entity, regulatory authority or to any other person the Bank reasonably considers necessary. This may mean that personal data is transferred outside the European Economic Area. Otherwise, we will not disclose your information without your permission. Your personal data will be retained in accordance with the Bank’s records management schedule. 

Your rights

You have a number of rights under data protection laws.  For example, you have the right to ask us for a copy of the personal data the Bank holds about you. You can also ask us to change how we process or deal with your personal data, and you may have the right in some circumstances to have your personal data amended or deleted. To contact us about those rights, including making a request for the personal data we hold about you, or to find out more about privacy and data protection at the Bank, please see the Privacy and the Bank of England page.

This page was last updated 24 October 2018
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