The Bank’s approach to enforcement: statutory statements of policy and procedure

Published on 30 January 2024

The Bank statement of policy publishes the final statements of policy relating to the enforcement powers of the Bank of England, and includes:

  • procedures regarding enforcement statutory notices and decision making;
  • policy on the imposition and amount of financial penalties;
  • policy on the imposition and period of suspensions and restrictions;
  • policy on the settlement of cases involving enforcement action;
  • policy on the publication of disciplinary and other enforcement actions; and
  • policy on the conduct of interviews including at the request of overseas regulators.

The Bank statement of policy incorporates a revised version of the Prudential Regulation Authority's (PRA) approach to enforcement (first published 1 April 2013), as well as providing an overview of the Bank's wider investigatory and enforcement powers under the various statutory regimes for which it has regulatory responsibility. These include:

  • Prudential supervision by the PRA;
  • Supervision of Financial Market Infrastructures (FMIs);
  • Resolution; and 
  • The Scottish and Northern Ireland banknotes regime.