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ARTICLE · 04 MARCH 2024

PRA Enforcement Changes – What You Need To Know

Norton Rose Fulbright Hong Kong
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On 30th January 2024, the Bank of England (the Bank) and Prudential Regulation Authority (PRA) published Policy Statement PS1/24...

United KingdomFinance and Banking
Katie Stephen
Katie Stephen
Joe Smallshaw
Joe Smallshaw
Rebecca Dulieu
Rebecca Dulieu
Catherine Pluck
Catherine Pluck

On 30th January 2024, the Bank of England (the Bank) and Prudential Regulation Authority (PRA) published Policy Statement PS1/24 which sets out a revised approach to enforcement for both PRA firms and financial market infrastructure firms. It followed Consultation Paper CP9/23 published in May 2023. There is now a new consolidated Bank enforcement approach which sign-posts the range of enforcement powers at the Bank's disposal and draws together the previous enforcement statements of policy into a consolidated document.

The revised policies came into effect on the day on which PS1/24 was published and there are a number of incoming changes, including: (i) a new option for early cooperation called the Early Account Scheme (the EAS or Scheme), with the availability of a new enhanced settlement discount of up to 50%; and (ii) changes to the approach to financial penalties for firms and individuals. We summarise these changes below.

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