The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note contains a jurisdiction-specific Q&A guide to banking regulation in United Kingdom published as part of the Lexology Getting the Deal Through series by Law Business Research (published: January 2021).
Authors: 1 Crown Office Row—Edite Ligere
The UK's banking sector is regulated for prudential purposes by the Prudential Regulation Authority (PRA), which is part of the Bank of England, the UK's central bank, and the Financial Conduct Authority (FCA) for conduct purposes. The Financial Policy Committee (FPC), which operates from within the Bank of England, acts as the macro-prudential regulator for the UK's financial system.
The Financial Services and Markets Act 2000 (FSMA 2000), as amended (Financial Services and Markets Act 2000 (legislation.gov.uk)), sets out the PRA's and the FCA's statutory objectives. The PRA's principal objective is to promote the safety and soundness of the firms it regulates. On 28 March 2018, the PRA published Supervisory Statement (SS)1/18 'International banks: the Prudential Regulation Authority's approach to branch authorisation and supervision', which replaces SS10/14 'Supervising international banks: the Prudential Regulation Authority's approach to branch supervision'. SS1/18 is relevant to all PRA-authorised banks and designated investment firms not incorporated in the United Kingdom that form part of a non-UK headquartered group (international banks) and that are operating in the United Kingdom
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