UK Regulatory Update — Issue 6: roadmap to PRA and FCA interaction

Taylor Wessing has released issue six of its UK Regulatory Update. In it, the firm looks at the roles and responsibilities of the PRA and FCA and how they are going to co-operate — not just when a firm is dual-regulated but in policy making, information sharing and taking enforcement action.

The PRA and the FCA will both be responsible for directly regulating firms, although their roles will differ. The PRA will be responsible for the microprudential supervision of firms deemed ‘significant’ to the UK financial system, i.e., around 1,400 firms consisting of:

  • banks;
  • building societies;
  • insurers; and
  • systemically important investment firms…

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