The PRA’s approach to enforcement: statutory statements of policy and procedure is a PRA Statement of Policy that was first published on 1 April 2013. It includes statutory statements of policy and procedure in relation to:
- statutory notices and decision making;
- financial penalties;
- suspensions and restrictions;
- settlement;
- publicity of regulatory action; and
- conduct of interviews pursuant to section 169(7) of the Financial Services and Markets Act 2000 (as amended) (the Act).
Following the publication of Policy Statement 1/16: Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries (PS1/16) the Statement of Policy has been updated to present the PRA’s statements of policy as chapters rather than appendices and in order to reflect PS1/16 includes the following changes:
- an amendment to the statement of the PRA’s policy on statutory notices and the allocation of decision making under the Act, as set out in paragraph 16A in chapter 1 of PS1/16; and
- a new statement of the PRA’s policy on the imposition and amount of financial penalties under the Act on persons who are, or have been, auditors or actuaries of a PRA-authorised person, appointed under or as a result of a statutory provision, as set out in chapter 7 of PS1/16.
View The PRA’s approach to enforcement: statutory statements of policy and procedure, 21 January 2016
