Prudential Regulation Authority Publishes Policy Statement on Strengthening Individual Accountability in Banking

The Prudential Regulation Authority has published a Policy Statement on strengthening individual accountability in banking. The Policy Statement provides the PRA's final policy on a number of issues. Among other things, the PRA has made modifications to the final rules, such as simplifying the draft definition of the new Chief Operations Senior Management Function and narrowing the new Prescribed Responsibility accompanying the Chief Operations SMF to focus on responsibility for the firm's performance of its obligations relating to outsourcing.

In addition to the Policy Statement, the PRA also published final amended rules, updates to the related Supervisory Statement and Statement of Policy and revised application forms. The revised forms can be used for applications from September 12, 2017.

View the Policy Statement.

View the amended Rules.

View the updated Supervisory Statement on Strengthening Accountability in Banking.

View the updated Statement of Policy on Conditions, Time Limits and Variations of Approvals.

For the updated forms and other information, view the PRA webpage.