The PRA issued a letter on 21 January setting out the approach
it will take to Part VII transfers during 2015, and emphasising the
need to deal with these in "an efficient and planned
way".
In cases where the PRA's fee has already been paid, it will
continue to progress the transfer, if the firm has indicated its
intention to complete the transfer in 2015 and is on track to do
so. In all other cases, the PRA will assess on a case by case basis
the impact of the transfer on its objectives, and whether it is
likely to complete by the end of the year, and will seek to agree a
credible and realistic timetable, based on this assessment. The
relevance of the reference to impact on the PRA's objectives is
not clear. It could be read as an indication that transfers which
pose a significant risk to the PRA's objectives are likely to
be subject to a much longer timetable and may not complete by the
end of this year; or alternatively, that the PRA will not focus
time and
