On 5 March 2019, the PRA published Policy Statement 6/19: Responses to CP24/18 Occasional Consultation Paper – chapters 3 – 7 (PS6/19).
In PS6/19 the PRA provides feedback to responses to chapters 3 to 7 of Consultation Paper 24/18: Occasional Consultation Paper (our blog is here). It also includes the final rules, and updated Supervisory Statement 1/6: Written reports by external auditors to the PRA, Statement of Policy: The PRA’s approach to enforcement – statutory statements of policy and procedure and Statement of Policy: Calculating risked-based levies for the Financial Services Compensation Scheme deposits class.
Following a review of four responses to CP24/18, the PRA is adopting the proposals as consulted on in CP24/18 albeit with some non-substantive amendments.
The implementation date for all policy changes is 7 March 2019. The PRA notes that the policy contained in PS6/19 has been designed in the context of the current UK and EU regulatory framework. The PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework as a result of Brexit, including changes arising once any new arrangements with the European Union take effect.