Flash call: The PRA’s new approach to investigations and enforcement

The Prudential Regulatory Authority (PRA) is set to bring in an innovative new approach to regulatory investigations and enforcement, replacing its current Approach to Enforcement policy.

The consultation paper marks a major shift from the PRA’s existing policy (in place since it was established in 2013). Most significantly, it proposes to introduce alternative new approaches to the conduct of investigations and the calculation of penalties that will set the PRA’s approach apart from other UK regulators.

In this 30-minute flash call, members of our Contentious Regulatory team - Tom Makin (who recently returned from a year-long secondment at PRA Enforcement) and Richard Sims - considered these proposals and the potential impacts on the conduct of investigations by the UK’s prudential regulator. We also submitted a response to the consultation and included clients’ views on an anonymised basis.