PRA enforcement essentials—decision making, statutory notices and publicity
Produced in partnership with Sarah Clarke of 3 Serjeants’ Inn
PRA enforcement essentials—decision making, statutory notices and publicity

The following Financial Services practice note produced in partnership with Sarah Clarke of 3 Serjeants’ Inn provides comprehensive and up to date legal information covering:

  • PRA enforcement essentials—decision making, statutory notices and publicity
  • Overview
  • FSMA 2000
  • PRA Resources on Enforcement
  • PRA’s Approach to Enforcement—Decision Making , Statutory Notices, and Publicity
  • PRA statutory notices under FSMA 2000
  • PRA Decision Making under FSMA 2000
  • PRA’s Decision Making Committees
  • PRA decision-making framework
  • Warning Notices and first Supervisory Notices
  • More...

PRA enforcement essentials—decision making, statutory notices and publicity

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to 2020. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as appeals.

Overview

This Practice Note considers the process of Prudential Regulation Authority (PRA) enforcement action once PRA investigators have competed their investigation and made a recommendation to the PRA’s decision makers to impose enforcement or supervisory sanctions. It details the operation of the PRA’s post-investigation administrative processes for reaching disciplinary decisions, the arrangements for the subjects of enforcement action to make representations to the regulators, the PRA’s processes around statutory notices (eg Supervisory Notices, Warning Notices, Decision Notices, Final Notices and Notices of Discontinuance) and the PRA’s approach to publicity of their decisions.

This process may prompt settlement discussions or steps towards a contested process, or the imposition of requirements on, or other supervisory measures against a firm or an individual. Information on these outcomes may be found in the following Practice Notes:

  1. PRA enforcement essentials—settlement

  2. PRA enforcement essentials—suspensions, restrictions and financial penalties

For information on joint investigations between the PRA and the Financial Conduct Authority (FCA), see Practice Note: Joint

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