Top news and publications
Letter from Anna Sweeney ‘Outstanding EU liabilities following the UK’s withdrawal from the European Union’
PRA issues two bans and three public censures following failure of Enterprise the Business Credit Union Ltd
News and speeches
PRA issues two bans and three public censures following failure of Enterprise the Business Credit Union Ltd
6 February 2020
The PRA has banned non-approved person Mr Michael Graeme Grimsdale and former director Mr Richard Charles Nichols from the financial services industry on the grounds of lack of integrity (and dishonesty on the part of Mr Grimsdale). It has also issued public censures to Mr Nichols and former directors Ms Gillian Birkett and Mr Phil Neale. All were involved in the failure of Enterprise the Business Credit Union Ltd in 2015, which had 1,900 members and £7m in savings.
Cross cutting publications and updates
PS3/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapters 2 and 3’
24 February 2020
This PRA Policy Statement (PS) provides the final policy for Chapters 2 and 3 of Consultation Paper (CP) 25/19 ‘Occasional Consultation Paper – October 2019’.
This PS provides updates to the following Supervisory Statements (SS) and Statement of Policy (SoP):
- SS20/15 ‘Supervising building societies’ treasury and lending activities’
- SoP ‘the PRA’s methodologies for setting Pillar 2 capital’
- SS28/15 ‘Strengthening individual accountability in banking’
- SS35/15 ‘Strengthening individual accountability in insurance’
This PS is relevant to UK banks, building societies, credit unions, PRA-designated investment firms, UK Solvency II insurance firms, third country insurance branches within the scope of the PRA’s rules transposing the Solvency II Directive, and the Society of Lloyd's and managing agents.
Further information
Banking publications and updates
CP2/20 ‘Pillar 2A: Reconciling capital requirements and macroprudential buffers’
28 February 2020
In this CP, the PRA proposes to update the Pillar 2A capital framework to take account of the additional resilience associated with higher macroprudential buffer requirements in a standard risk environment.
The proposals in this CP would make amendments to SS31/15 ‘The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP)’.
The CP is relevant to PRA-authorised UK banks, building societies and PRA-designated investment firms.
This consultation closes on Thursday 30 April 2020.
Further information
For information on banking regulatory returns and how to report them, visit the Regulatory reporting – banking sector page.
For details of forms used to collect data through the online statistical data application (OSCA), visit the Forms, definitions, and validation page.
Insurance publications and updates
Letter from Anna Sweeney ‘Outstanding EU liabilities following the UK’s withdrawal from the European Union’
28 February 2020
The PRA published a letter on ‘Outstanding EU liabilities following the UK’s withdrawal from the European Union’ from Anna Sweeney, Executive Director of Insurance Supervision, to relevant PRA-regulated insurance firms.
Further information
For information on insurance regulatory returns and how to report them, visit the Regulatory reporting – insurance sector page.
Your inputs and views on open PRA consultations and other requests closing in March 2020
Closing date: 16 March 2020
Also in the month
26 February 2020
13 February 2020
12 February 2020
- A Bank of England perspective on gender diversity: past, present and future – speech by Lea Paterson
5 February 2020
More information
Bank Underground - a blog for Bank of England staff to share views that challenge – or support – prevailing policy orthodoxies. The views expressed here are those of the authors, and are not necessarily those of the Bank of England or its policy committees.
Bank Overground - the purpose of Bank Overground is to share our internal analysis. Each bite-sized post summarises a piece of analysis that supported a policy or operational decision.
This month Bank Overground published ‘How would banks cut their distributions in a period of economic stress?’
KnowledgeBank - from interest rates and inflation through to bank failures and financial crises, KnowledgeBank uses everyday examples and engaging visuals to bring economics to life.
European and international developments - readers are also referred to the following websites:
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