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ARTICLE · 20 JUNE 2023

PRA Enforcement Changes - The Good, The Bad, And The Ugly

K&L Gates
K&L Gates
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On 4 May 2023, the Bank of England (BOE) and the Prudential Regulation Authority (PRA) published a consultation paper on the proposed changes to their enforcement procedures and policies.

United StatesCompliance
Aurelija Grubyte
Aurelija Grubyte
Michael E. Ruck
Michael E. Ruck

On 4 May 2023, the Bank of England (BOE) and the Prudential Regulation Authority (PRA) published a consultation paper on the proposed changes to their enforcement procedures and policies. The consultation is due to close on 4 August 2023. The proposed amendments are aimed at clarifying the scope of decision-making powers and at drawing a clearer line between enforcement and non-enforcement actions.

For example, the BOE and the PRA are seeking to:

  • Create a consolidated BOE enforcement approach document, which will consist of all the BOE's and the PRA's regulatory and criminal enforcement policies and procedures. The purpose of this consolidation is to clarify the scope of such powers enjoyed by the BOE and the PRA.

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