All Prudential Regulation Authority articles
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PremiumTPRM critical as DORA, new FCA third-party engagement rules come into effect in 2025
New rules that push IT firms providing “critical” services to the U.K.’s financial sector to share more data about cyberattacks and resiliency measures have been welcomed by industry experts. However, concerns remain over how suppliers will be classified and how key data might be gathered and shared.
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PremiumBarclays is axing its bonus caps. Is it also ditching good governance?
Four years post-Brexit, London-based Barclays became the first British bank to scrap bonus caps for its traders that were meant to curb excessive risk-taking with client cash, improve corporate governance, and restore faith in an industry most working people still hold responsible for 15 years of economic misery.
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News BriefBank of England report: ’Need to improve’ private equity risk management
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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News BriefCiti unit fined $78.6M by U.K. regs for trading control failures
The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.
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PremiumU.K. sets recommendations to address misogyny in finance
Sexism, sexual assault, and bullying are rife at financial services organizations, according to a recent report by the U.K. Treasury Committee. “The government and financial regulators have important roles to play in driving change,” the committee said.
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News BriefPRA fines HSBC units $73M over deposit protection failures
The Bank of England’s Prudential Regulation Authority penalized two HSBC units £57.4 million (U.S. $73 million) over historic failures in deposit protection identification and notification.
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PremiumU.K. financial regs pressure firms to step up D&I considerations
The U.K.’s Financial Conduct Authority and Prudential Regulation Authority set out proposals to ensure firms treat nonfinancial misconduct, such as bullying, racist behavior, and sexual harassment, as strictly as other regulatory offenses.
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PremiumWyelands Bank case warrants extra scrutiny post-SVB collapse
The details of the Prudential Regulation Authority’s case against Wyelands Bank and the business coming from the group of companies that owned it raise questions about the risks such exposure causes to financial institutions, their customers, and the sector at large.
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ArticleTSB Bank fined $59.2M for governance lapses in botched IT migration
TSB Bank was fined £48.65 million (U.S. $59.2 million) by U.K. regulators after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
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ArticleRegulatory independence vital in U.K.’s fight against fraud
To do their jobs properly, regulators must be able to act independently and without government intervention. Rather than seeking to tighten its grip on regulators, the U.K. government should be safeguarding their independence as a matter of urgent priority.
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ArticleMS Amlin Underwriting fined $11M over risk, governance lapses
The U.K.’s Prudential Regulation Authority fined specialty insurer MS Amlin Underwriting nearly £9.7 million (U.S. $10.9 million) for risk management and governance failings over a five-year period.
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ArticleHBOS case latest example of U.K. senior exec accountability woes
The Prudential Regulation Authority and Financial Conduct Authority ending their six-year investigations into former senior managers at HBOS without enforcement serves as reminder of the United Kingdom’s checkered history of bringing executives to book.
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ArticleStandard Chartered fined record $61.5M for liquidity reporting failures
The U.K. Prudential Regulation Authority imposed a record fine of £46.55 million (U.S. $61.5 million) against Standard Chartered Bank for repeatedly misreporting a key metric to determine liquidity risk.
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ArticleBarclays CEO Jes Staley steps down over Jeffrey Epstein links
Barclays CEO Jes Staley stepped down after a probe by British financial regulators looks to have found evidence his friendship with disgraced sex offender Jeffrey Epstein was closer than he had originally made out.
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ArticleU.K. regulatory system also at fault in Greensill collapse
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
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Article
Negative feedback has impact on FCA Financial Services Register plans
The FCA has abandoned Financial Services Register plans that would have placed the responsibility for certifying the suitability of key people other than “senior managers” onto the firms.
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Article
Bank of England: Banks not prepared for Brexit
European banks are under-prepared for Brexit and could lose access to the City of London if they do not move quickly to apply for a U.K. banking licence, a Bank of England committee has warned.