Use of attestations by the FCA and the PRA
Produced in partnership with Pan Papakyprianou, Associate of Linklaters LLP
Use of attestations by the FCA and the PRA

The following Financial Services practice note Produced in partnership with Pan Papakyprianou, Associate of Linklaters LLP provides comprehensive and up to date legal information covering:

  • Use of attestations by the FCA and the PRA
  • What is an attestation?
  • How are attestations used?
  • FCA's attestation procedures and internal guidelines on their use
  • Quarterly information
  • Consequences of providing an attestation to the regulator
  • Practical guidance on providing attestations to regulators

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.

What is an attestation?

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) may request an attestation from a firm where they are concerned about (or investigating) an actual or potential breach of regulatory requirements. Broadly speaking, an attestation is a request from the regulator to an individual at a regulated firm (usually a member of management who is also a Senior Manager) that they provide a signed, written confirmation of the firm’s compliance with a regulatory requirements in relation to a particular aspect of the business.

The FCA issued guidance in the form of a letter to the FCA Practitioner Panel in August 2014 on the use of attestations (the Attestation Letter), to clarify its views on when it expects to use attestations and the outcomes it wants to achieve.

The PRA also uses attestations as a routine supervisory tool (generally using standard forms), although it has stated that it can require attestations as to compliance with specific regulatory requirements on an ad hoc basis. As

Popular documents