The Bank of England and the Prudential Regulation Authority (PRA) have published consultation paper CP9/23, proposing changes to their enforcement policies to provide greater clarity and introduce options for speedier investigatory outcomes.
The changes include creating a route for early cooperation in investigations, offering an enhanced settlement discount of up to 50% for early admissions, and consolidating enforcement policies and procedures into one accessible document.
The proposed amendments aim to incentivise early admissions, clarify the Bank’s enforcement powers, align the calculation of financial penalties for PRA-regulated firms with their supervisory approach, and update the PRA’s policy for supervisory and non-enforcement related statutory notice decisions.
Sam Woods, deputy governor for prudential regulation and CEO of the PRA, said: “The changes we are consulting on include the creation of options for quicker investigatory outcomes, by providing a new route for early cooperation and increased incentives for earlier admissions by subjects.”
