PRA investigations, enforcement and discipline

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This Overview guides practitioners through the PRA’s investigations, enforcement and disciplinary regime, signposting core legislation, procedural materials and practical analysis across this subtopic.

The PRA, as part of the Bank of England, exercises powers under FSMA 2000 to promote the safety and soundness of regulated firms. For dual‑regulated firms, coordination with the FCA is a recurring consideration.

Key issues include investigation triggers, statutory information‑gathering (section 165) and skilled person reports (section 166), appointment of investigators (sections 167–168), compelled interviews, legal professional privilege and confidentiality. Substantive risk areas include compliance with the PRA Rulebook and Fundamental Rules, governance and risk management standards, capital and liquidity, and operational resilience. Individual accountability under the SM&CR - particularly the duty of responsibility for Senior Managers - remains central.

Practitioners must navigate the PRA’s statements of policy on enforcement, settlements and penalties, decision‑making arrangements, warning and decision notices, and references to the Upper Tribunal. Remediation, attestations and ongoing monitoring frequently run alongside enforcement. Sanctions include public censure (section 205), financial penalties (section 206), and variations or restrictions of permission. Penalty assessment reflects seriousness, duration, impact, mitigation and cooperation. Effective engagement,...

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