PRA enforcement powers and approach to penalties
Produced in partnership with Sarah Clarke of Hardwicke Chambers
PRA enforcement powers and approach to penalties

The following Financial Services practice note Produced in partnership with Sarah Clarke of Hardwicke Chambers provides comprehensive and up to date legal information covering:

  • PRA enforcement powers and approach to penalties
  • PRA Enforcement Priorities
  • Taking action—general principles
  • Determining whether the PRA will take action for a penalty
  • Approach to particular types of enforcement action
  • Public censures
  • Action for a penalty against approved persons under FSMA 2000, s 66
  • Action for a penalty against persons who perform a controlled function without approval under FSMA 2000, s 63A
  • Action against qualifying parent undertakings under FSMA 2000, s 192K
  • Determining the period of a suspension or restriction
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

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.

PRA Enforcement Priorities

The Financial Services and Markets Act 2000 (FSMA 2000) grants the PRA statutory powers to discipline PRA-authorised firms in the event that regulatory requirements have been breached. These powers broadly divide into the following categories:

  1. Supervisory—the PRA has a variety of formal supervisory powers such as the ability to vary a PRA-authorised firm’s permissions to undertake certain regulated activities, or require a firm to undertake or stop an action. [The PRA can also approve (subject to conditions) an application for an individual to perform a senior (insurance) management function.]

  1. Disciplinary—where a

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