The Prudential Regulation Authority’s approach to enforcement: statutory statements of policy and procedure

Statement of Policy

Update 15 April 2019

The PRA published ‘The PRA investigation referral criteria’ and ‘Regulatory investigations guide’ on The PRA’s statutory powers webpage.

Update 5 March 2019

This Statement of Policy (SoP) (available under ‘current version’ below) was updated following Policy Statement 6/19 Responses to Chapters 3-7 of CP24/18 ‘Occasional Consultation Paper’

Published on 1 April 2013

This Prudential Regulation Authority (PRA) statement of policy publishes the final statements of policy on the PRA’s decision-making policy and procedure, as well as on aspects of its disciplinary and other enforcement powers and includes its:

  • procedures regarding decisions that create an obligation to give a statutory notice;
  • policy on the imposition and amount of penalties;
  • policy on the imposition and period of suspensions or restrictions;
  • policy on the settlement of cases involving enforcement action;
  • policy on the publication of disciplinary and other enforcement actions; and
  • policy regarding the conduct of certain interviews at the request of overseas regulators.

Published on 20 December 2012

The PRA's approach to enforcement - FSA CP 12/39

Consultation Paper

Current version

Past versions

Published: 3 August 2018

  • Update 3 August 2018

    This Statement of Policy has been updated as part of the Bank of England’s Policy Statement PS/EDMC2018 ‘Enforcement Decision Making Committee’.

    Update 21 January 2016

    This Prudential Regulation Authority (PRA) Statement of Policy was first published on 1 April 2013 and included statutory statements of policy and procedure in relation to:

    (a) Statutory notices and decision making;
    (b) Financial penalties;
    (c) Suspensions and restrictions;
    (d) Settlement;
    (e) Publicity of regulatory action; and
    (f) Conduct of interviews pursuant to section 169(7) of the Financial Services and Markets Act 2000 (as amended) (‘the Act’).

    Following the publication on 21 January 2016 of Policy Statement 1/16 ‘Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries’, this Statement of Policy has been updated to:

    (a) present the PRA’s statements of policy as chapters rather than appendices, to be consistent with other PRA policy publications; and
    (b) reflect the statements of policy set out in PS1/16 with:

    (i) an amendment to the statement of the PRA’s policy on statutory notices and the allocation of decision making under the Act, as set out in paragraph 16A in Chapter 1; and
    (ii) a new statement of the PRA’s policy on the imposition and amount of financial penalties under the Act on persons who are, or have been, auditors or actuaries of a PRA-authorised person, appointed under or as a result of a statutory provision, as set out in Chapter 7.

    This Statement of Policy includes the original content from the April 2013 version with the amendments and additions set out in PS1/16. 

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