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ARTICLE · 26 JULY 2019

PRA Explains Its Approach To Enforcement

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At the Financial Services Lawyers' Association meeting last week, Miles Bake, Head of Legal at the Enforcement & Litigation Division of the Prudential Regulatory Authority (PRA) discussed

United KingdomFinance and Banking
Garon Anthony
Garon Anthony

At the Financial Services Lawyers' Association meeting last week, Miles Bake, Head of Legal at the Enforcement & Litigation Division of the Prudential Regulatory Authority (PRA) discussed the PRA's approach to enforcement, gave an overview of recent PRA enforcement actions/investigations and explained the Enforcement Division's (ED) future agenda.

Rationale and Approach of the ED

Upon the PRA's creation in 2013, it was endowed with broadly the same enforcement powers as the Financial Conduct Authority (FCA). The PRA has subsequently developed how it deploys these powers in the context of its prudential supervisory remit. In addition to its arsenal of practical supervisory tools, the PRA recognised that it needed a "hard backstop" for serious breaches.

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