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:
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 discussed below, it has not to date made public any attempt to use them for investigatory purposes; it did request an attestation following the enforcement action taken against James Staley to monitor Barclays’ whistleblowing systems and controls (in conjunction with the FCA).
The attestation procedures have no statutory basis and are not a formalised legal process; there is no
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