06 February 2016

Stuart Clark

Stuart Clark - Impendium Systems

272Posts 429,151Views 0Comments

Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

PRA confirms its statement of strategy

28 March 2014  |  1068 views  |  0

The Prudential Regulatory Authority (PRA) has published its  statement of strategy for 2014/15. The document sets the following aims of the PRA, to:

• continue to implement the forward-looking, judgement-based regulatory regime;

• continue to implement changes to domestic, European and international regulation, including the Financial Services (Banking Reform) Act 2013;

• influence, devise and implement policy to advance structural reform in banking, resolution policy, the secondary competition objective, and other elements of post-crisis standard setting;

• contribute towards delivering the Financial Policy Committee's macro-prudential objectives;

• ensure the PRA has the right people to meet its statutory objectives; and

• ensure the PRA has the right infrastructure and governance to meet its statutory objectives.  

The Director for Prudential Policy, at the PRA, gave a speech outlining the challenges faced by the PRA with regard to the introduction of the new Senior Persons Regime which the PRA is developing.  The aim is that individuals and regulators know who us responsible at a senior level for each aspect of a firm’s business and that those people can be held accountable for failures that they could reasonably have been expected to prevent or reduce.   

In deciding the level to pitch the Senior Persons Regime the following challenges have been identified:

• finding a balance between ensuring that senior management are held meaningfully accountable for failures they preside over, without the system turning into a strict liability regime;

• establishing the extent to which the PRA should guide firms on their internal organisation and allocation of responsibilities and not impose a one-size-fits-all approach;

• establishing and policing the certification regime for more junior employees and deciding whether to write rules that apply to the conduct of all employees; and

• deciding the extent to which persons approved under the existing regime should be grandfathered into the new regime, as grandfathering the entire population may not be the right answer.

The PRA will publish a consultation on implementation of the new regime in the summer.

Related links:




Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from

Stuart's profile

job title Product Development Director
location London
member since 2012
Summary profile See full profile »
Co-founded Impendium in 2006. Previously head of Client Services for Deutsche Banks top 100 customers.

Stuart's expertise

What Stuart reads
Stuart writes about
Stuart's blog archive
2014 (111)2013 (161)

Who's commenting on Stuart's posts