On 14 June 2021, the PRA issued a statement concerning firm authorisation under the temporary permissions regime (TPR).
Key points in the statement include:
- The TPR came into effect following the end of the transition period. The PRA has an extended period to process authorisation applications from EEA banks in the TPR (currently up to the end of 2023).
- The PRA has received a considerable volume of applicants across a range of different business models, and some firms in the TPR may choose not to apply for authorisation until the end of 2022 (or otherwise as the PRA may direct).
- The PRA is taking authorisation decisions on a case-by-case basis dependent on PRA resourcing and governance processes and it may also result in multiple decisions taken on the same date.
- This means that some firms may receive an authorisation application outcome ahead of others. The timing of authorisation should not be taken as an indication of the PRA’s view of risks at individual institutions.