The following Financial Services guidance note Produced in partnership with Sarah Clarke of 3 Serjeants’ Inn provides comprehensive and up to date legal information covering:
Decisions as to whether to give a statutory notice will be taken by an appropriate decision making committee (DMC). There are four levels of DMC made up of different levels of seniority of PRA staff:
Prudential Regulation Authority (PRA) Board
Supervision, Risk and Policy Committee (SRPC)
Supervision and Assessment Panel (SAP)
Panel of Heads of Departments and Managers (HMP)
The PRA approaches decisions to give statutory noticed by dividing the firms it supervises into five categories of impact. It also divides statutory decisions into three categories—Types A, B and C. The level of DMC to make a decision is determined by the category of the firm in conjunction with the anticipated impact of the decision on a firm’s ability to carry out its business effectively and/or the impact on the PRA’s objectives. Note that PRA staff decide which category each decision falls under and firms may find it difficult to challenge these decisions. In summary, the more significant the firm and the greater the decision’s impact, the more senior the composition of the DMC.
As with the Financial Conduct Authority (FCA), if PRA staff consider that action requiring a warning or first supervisory notice is appropriate, they will recommend to the relevant DMC that the notice be given. In
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234