UK Regulatory Update — Issue 7: what to expect from PRA supervision
In the penultimate issue of its step-by-step guides to the new regulatory landscape, Taylor Wessing looks at what dual-regulated firms can expect from their new prudential regulator, the PRA. The PRA is responsible for the authorisation, prudential regulation and day-to-day supervision of firms deemed ‘significant’ to the UK financial system. These firms — which include banks, building societies, insurers and systematically important investment firms — will, for the first time, be subject to a regulator solely dedicated to ensuring that they are managed in a sound and prudent manner.
The PRA’s general objective is “promoting the safety and soundness of PRA-authorised persons” which it must advance by seeking to:
- ensure that dual-regulated firms carry on business in a way which avoids any adverse effect on the stability of the UK financial system; and
- minimise the adverse effect that the failure of such a firm could have on the stability of the UK financial system…
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