How do we exercise our investigation and enforcement powers?
Our approach documents explain what we expect of authorised firms and how we use our powers.
Before taking disciplinary action against a firm or an individual, we usually investigate whether (and if so, which) regulatory requirements have been breached. We have published our approach to enforcement, which includes statements of policy and procedure relating to:
- statutory notices and decision making
- financial penalties
- suspensions and restrictions
- publicity of regulatory action
- conduct of interviews pursuant to section 169(7) of the FSMA.
For more information on the Bank’s Statement of Policy and procedure which applies to contested PRA enforcement cases read PS/EDMC2018 ‘Enforcement Decision Making Committee’.
The 'PRA investigation referral criteria' sets out the considerations we take into account when deciding whether or not it is appropriate for us to investigate a matter, and to determine which of our responses and/or investigation tools is appropriate.
Our ‘Regulatory investigations guide’ provides, at a high level, a ‘roadmap’ of our investigation and enforcement processes. It is intended as a reference for firms and individuals who are the subjects (or potential subjects) of a PRA investigation, and their advisors.
A summary of our enforcement activity is provided in a speech ‘The PRA’s approach to enforcement’ by Miles Bake, former Head of Enforcement and Litigation published on 31 July 2019. This covers: our approach to enforcement; setting out the rationale for enforcement; examples of enforcement in action; and our enforcement ‘agenda’. It explains how enforcement is aligned with and supports our objectives and strategic goals.