PRA Definition

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What does PRA mean?

The Prudential Regulation authority (PRA) is responsible for the prudential regulation and supervision of 1,500 banks, building societies, credit unions, insurers and major investment firms in the UK.

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Checklist for compromises of FCA-regulated entities: information requirements

Checklist for compromises of FCA-regulated entities: information requirements The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the United Kingdom. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and updated in January 2024) following their significant concerns about these tools being proposed and used by firms to avoid paying customers redress (see: LNB News 05/07/2022 72). Practitioners will need to take note of the guidance where the proposed compromise involves regulated companies, meaning...

Issues to consider when drafting a settlement agreement—checklist (employer)

Issues to consider when drafting a settlement agreement—checklist (employer) The employer (and its advisers) should consider the following issues: Preparatory steps • Obtain from the employer: ◦ a copy of the departing employee's latest contract of employment/other relevant documents containing contractual terms (NB these may be in a staff handbook) ◦ details of the contractual benefits enjoyed by the employee ◦ relevant information regarding the employee's pension benefits ◦ relevant information regarding any shares/share options, etc held by the employee? Consider the Articles of Association/any relevant shareholder agreement, share scheme documentation, etc. See also Shares and share options below Status of negotiations • Will negotiations take place between the parties directly, or between their respective legal advisers? • How strong is the employer's negotiating position? How strong are the employee's claims or potential claims? In the case of dismissal, is there a fair reason and has the employer carried out a fair procedure? Is the employer in repudiatory breach? What is the employer prepared to offer initially, and is that...

Statement of Changes in Immigration Rules, HC 309—analysis [Archived]

Statement of Changes in Immigration Rules, HC 309—analysis [Archived] This analysis considers the main changes to the Immigration Rules (the Rules) set out in HC 309. HC 309 was issued on 7 December 2017, along with an Explanatory Memorandum (EM). It covers: • the electronic issuing of entry clearance • controversial changes to the Rules relating to indefinite leave to remain (ILR) for main applicants and their dependants in work categories, in particular on how absences from the UK are to be treated • substantial amendments to the Tier 1 (Entrepreneur) sub-tier • amendments to Tier 1 (Exceptional Talent) including: ◦ increasing the Tier 1 (Exceptional Talent) limit to 2000 endorsements per year, with 1,000 of these to be allocated among the Designated Competent Bodies on a first-come first-served basis ◦ introducing provision for migrants endorsed under the exceptional talent criteria to apply for ILR after three years • amendments to Tier 2 (General), including: ◦ allowing Tier 4 (General) students to apply to switch into Tier...

FCA consultation paper tracker—2017 [Archived]

FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...

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Special administration—special administrators’ progress report

Special administration—special administrators’ progress report [investment bank name] (in special administration) [Joint] Special Administrators’ Progress Report for the six-month period [date] to [date] Notice: About this Report • This Report has been prepared by [names of special administrators], the Special Administrators of [investment bank name] (in special administration), solely to comply with their statutory duty under the Investment Bank Special Administration (England and Wales) Rules 2011, SI 2011/1301, r 122 to provide creditors and clients with an update on the progress of the special administration and for no other purpose. This Report is not suitable to be relied upon by any other person, or for any other purpose, or in any other context. • This Report has not been prepared in contemplation of it being used, and is not suitable to be used, to inform any investment decision in relation to the debt of or any financial interest in [investment bank name] (in special administration). • Any estimated outcomes for creditors and clients included in this Report are...

Policy—regulatory references

Policy—regulatory references 1 Introduction 1.1 The Financial Conduct Authority (FCA) and the Prudential Regulation authority (PRA) (together the Regulators) require firms that are authorised by the Regulators (and subject to the Senior Managers and Certification Regime (SM&CR)) to request regulatory references if they are considering:. 1.1.1 permitting or appointing someone to perform a senior management function; 1.1.2 issuing a certificate under the certification regime; and/or 1.1.3 appointing a non-executive board director. 1.2 These regulatory references are designed to assist prospective employers to assess whether an individual applying for an applicable regulated function is fit and proper to hold that role. 1.3 To enable a prospective employer to assess the fitness and propriety of a candidate for a regulated function, organisations that fall within the SM&CR must provide upon request a regulatory reference that covers the individual for the preceding six years (and, in certain circumstances, longer). It is essential that we comply with our regulatory obligations in obtaining and in responding to such requests, as the failure to...

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How should senior managers fulfil their personal regulatory duties under the SM&CR in relation to sanctions compliance?

How should senior managers fulfil their personal regulatory duties under the SM&CR in relation to sanctions compliance? What are the FCA’s expectations around senior management responsibility for sanctions risk? Which senior managers will be responsible? It is likely that there will be a number of members of senior management within FCA authorised firms with either individual or collective responsibility for managing sanctions risk under the SM&CR. At an individual level, primary responsibility for sanctions compliance will generally be held by the senior manager who is allocated the prescribed responsibility for ‘the policies and procedures for countering the risk that the firm might be used to further financial crime’. This prescribed responsibility is often allocated to the Money Laundering Reporting Officer (MLRO); however, it does not have to be. To the extent that this responsibility is held by a different senior manager, that individual will need to work closely with the MLRO and/or financial crime team to ensure the firm is complying with financial sanctions measures. Senior managers...

What powers are there for a local council to remove an abandoned vehicle (with no tax, insurance or MOT) parked on a public footpath and obstructing the highway? Does the responsibility for removing such a vehicle lie with the council or the police?

What powers are there for a local council to remove an abandoned vehicle (with no tax, insurance or MOT) parked on a public footpath and obstructing the highway? Does the responsibility for removing such a vehicle lie with the council or the police? Local authorities and the police both have the power to remove abandoned vehicles from highways, however, the duties and powers differ depending on the public body and the circumstances in which the vehicle has been abandoned. Local Highways Authority’s duties and powers A County Council, in common with other Local Highways Authorities (LHAs), have a number of duties and powers in its capacity as LHA. This includes a general duty to prevent, as far as possible, the obstruction of highways pursuant to section 130(3) of the Highways Act 1980 (as amended) (HiA 1980). There is some debate as to the extent of this duty and what actions a LHA is required to take to discharge it, as the statute does not provide any...

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PRA Mansion House speech on UK economic growth objective

The Prudential Regulation Authority (PRA) has published a speech by its chief executive officer and deputy governor of prudential regulation, Sam Woods, addressing the PRA’s commitment to its secondary competitiveness and growth objective.

PRA publishes CP14/24 to implement and amend large exposure frameworks

The Prudential Regulation Authority (PRA) has published a consultation paper (CP14/24) proposing changes to the basel prudential framework for large exposures (LE).The consultation paper should be read in conjunction with CP23/23 and the CP11/24. The PRA welcomes feedback until 17 January 2025.

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GLOSSARY

PRA definition

What does PRA mean?

View the related checklists about PRA

Checklist for compromises of FCA-regulated entities: information requirements

Issues to consider when drafting a settlement agreement—checklist (employer)

View the related practice notes about PRA

Statement of Changes in Immigration Rules, HC 309—analysis [Archived]

FCA consultation paper tracker—2017 [Archived]

View the related precedents about PRA

Special administration—special administrators’ progress report

Policy—regulatory references

View the related q&as about PRA

How should senior managers fulfil their personal regulatory duties under the SM&CR in relation to sanctions compliance?

What powers are there for a local council to remove an abandoned vehicle (with no tax, insurance or MOT) parked on a public footpath and obstructing the highway? Does the responsibility for removing such a vehicle lie with the council or the police?

View the related News about PRA

PRA Mansion House speech on UK economic growth objective

PRA publishes CP14/24 to implement and amend large exposure frameworks

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GLOSSARY

PRA definition

What does PRA mean?

View the related checklists about PRA

Checklist for compromises of FCA-regulated entities: information requirements

Issues to consider when drafting a settlement agreement—checklist (employer)

View the related practice notes about PRA

Statement of Changes in Immigration Rules, HC 309—analysis [Archived]

FCA consultation paper tracker—2017 [Archived]

View the related precedents about PRA

Special administration—special administrators’ progress report

Policy—regulatory references

View the related q&as about PRA

How should senior managers fulfil their personal regulatory duties under the SM&CR in relation to sanctions compliance?

What powers are there for a local council to remove an abandoned vehicle (with no tax, insurance or MOT) parked on a public footpath and obstructing the highway? Does the responsibility for removing such a vehicle lie with the council or the police?

View the related News about PRA

PRA Mansion House speech on UK economic growth objective

PRA publishes CP14/24 to implement and amend large exposure frameworks

Call us on

Popular Links

HELP & SUPPORT

LEGAL SOLUTIONS

Policies

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