What are the PRA’s statutory powers?
The Financial Services and Markets Act 2000 grants us powers, which fall broadly into two categories:
For example, we can vary a PRA-authorised firm’s permissions to undertake certain regulated activities, or require a firm to undertake or stop an action. We can also approve (subject to conditions) an application for an individual to perform a senior (insurance) management function. We take action to address emerging risk, not to criticise the firm or individual involved.
If a firm fails to comply with regulations, we can take action such as a fine or public censure. This sends a clear signal to the firm, individual or wider regulated community about the actions we consider unacceptable.