The PRA has published updated versions of the following approach documents:
- PRA approach to banking supervision; and
- PRA approach to insurance supervision.
The revised version of the PRA’s approach to banking supervision contains amendments reflecting feedback the PRA has received and other recent developments. Key changes include:
- updates explaining the PRA’s new secondary objective;
- addition of the PRA’s ‘Fundamental Rules’ which replaces the ‘Principles of Business’;
- addition of an extra box to list the PRA’s Fundamental Rules;
- amendments to the Liquidity Assets section to further clarify the PRA’s approach and to reflect the PRA’s announcement in August 2013 to change the liquidity asset requirements;
- additional text to clarify the resolvability regime;
- addition of a new box to outline the use of PRA powers to address failings in culture in firms; and
- an updated box (box 9) to reflect the current staff information and the PRA’s new organisation structure following on from the Bank of England’s strategic plan.
View The Prudential Regulation Authority’s approach to banking supervision, 19 June 2014
View The Prudential Regulation Authority’s approach to insurance supervision, 19 June 2014