On 27 September 2019, the PRA published Policy Statement 20/19: strengthening individual accountability – resolution assessments and reporting amendments (PS20/19).
In PS20/19 the PRA sets out its final policy in respect of amendments to:
- the prescribed responsibility (PR) for recovery plans and resolution packs contained in the Allocation of Responsibilities part of the PRA Rulebook. This is relevant to those UK banks and building societies with £50 billion or more in retail deposits on an individual or consolidated basis at the date of their most recent annual accounts (in scope) firms;
- Supervisory Statement 28/15: Strengthening individual accountability in banking (SS28/15). The PRA has amended illustrative text to refer to the senior manager with a PR covering resolution assessments overseeing the report of the resolution assessment being presented to the management body for approval before submission to the PRA; and
- the form ‘Senior Managers Regime: Statement of Responsibilities’. Minor amendments are made to ensure consistency between the wording of the PRs as they appear in the form compared to the PRA Rulebook and the FCA Handbook.
The changes outlined in PS20/19 take effect from 9 December 2019.
In the event that the UK leaves the EU with no implementation period in place, the PRA has assessed that the policy would not need to be amended under the EU (Withdrawal) Act 2018.