On 2 June 2020, the PRA issued a statement providing information on the use of electronic signatures in relation to the submission of forms and other regulatory documents.
The PRA statement provides that:
- In the absence of any specific legal provisions to the contrary, the PRA confirms that firms may use electronic signatures for such purposes, although it may in specific instances request a ‘wet signature’ where it is appropriate to do so.
- The PRA will review this approach in the light of evolving working practices, while recognising that many forms are already processed on an automated basis.
- The PRA is unable to comment on the use of electronic signatures more generally, and firms should obtain their own legal advice on the validity of such signatures in specific circumstances. PRA-regulated firms are reminded of Fundamental Rules 1-3 and 5-7 and other parts of the PRA Rulebook concerning the adequacy of systems and controls.