“Keep it Strong and Simple”: PRA speech on proposals for new post-Brexit prudential regime

On 12 November, Sam Woods (CEO of the PRA) used his Mansion House speech (the Speech) to discuss the merits of introducing a new “strong and simple” regime of prudential regulation for small banks and building societies in the wake of the UK’s exit from the EU, as well as providing some general commentary on the PRA’s post-Brexit approach.

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The new PRA rulebook: new rules, but look elsewhere for guidance and policy statements?

The PRA has published “The Rulebook Consultation – CP2/14“, which sets out proposals to redraft certain modules of the Prudential Regulation Authority’s (PRA’s) current Handbook in the process of creating a clear and concise PRA Rulebook. 

This is the first in a planned series of consultations aimed at reshaping Handbook material inherited from the Financial Services Authority (FSA) to create a clear and concise PRA Rulebook.  The PRA Rulebook will appear in a new online website in 2015 and, until then, will appear in the current Handbook site in PDF form.  The consultation closes on 21 March 2014.         Continue reading

Prudential Regulation Authority – FSA and BoE publish further details

Today, the Bank of England and FSA published a paper giving some further detail on the approach the Prudential Regulation Authority (PRA) will take to the supervision of banks and designated investment firms.

The paper is not strictly a consultation paper. However it is intended to facilitate public debate. It was presented and discussed today at a conference for CEOs and senior managers of firms that will come under the PRA’s supervisory control. Subsequent papers on the PRA’s supervisory approach to insurance companies, the Financial Conduct Authority (FCA)’s regulatory approach, and how the PRA and FCA will coordinate their activities are also due to be published soon. Continue reading