The PRA has published Policy Statement 5/14: The PRA Rulebook (PS5/14).
PS5/14 sets out the final policy, rules and a supervisory statement on the changes to the PRA Rulebook that were consulted on in Consultation Paper 2/14: The PRA Rulebook. In particular, PS5/14 sets out the final rules concerning the replacement of the Principles for Businesses (the Principles) with new high level Fundamental Rules.
The Fundamental Rules are high-level rules, which collectively set out the PRA’s expectations of firms and act as an expression of the PRA’s general objective of promoting the safety and soundness of regulated firms and insurance objective of contributing to securing an appropriate degree of protection for those who are or may become policyholders. The Fundamental Rules are drafted to be a clearer expression of the PRA’s expectations and to more closely reflect the PRA’s underlying detailed rules than the Principles.
All the rules and policy referred to in PS5/14 have been made by the PRA board and came into force on 19 June 2014.
View Policy Statement 5/14: the PRA Rulebook, 19 June 2014