News & Analysis as of

Prudential Regulation Authority (PRA) Senior Managers Banks

A&O Shearman

Former Chief Executive of bank fined for failing to take “reasonable steps”

A&O Shearman on

The UK Prudential Regulation Authority (PRA) has fined the former CEO of Wyelands Bank GBP118,808 for various regulatory breaches, including that he failed to take reasonable steps to ensure the business for which he was...more

Latham & Watkins LLP

Bank of England Unveils Changes to the PRA’s Approach to Enforcement

Latham & Watkins LLP on

Recent changes to the PRA’s approach to enforcement show an increased focus on expediting the investigative process and incentivising early admissions. On 30 January 2024, the Bank of England (the Bank) unveiled a number...more

King & Spalding

The Senior Managers Regime – should GCs be worried?

King & Spalding on

In March this year the PRA and the FCA introduced the Senior Managers Regime (‘SMR’) for individuals associated with banks and PRA regulated investment firms (from 2018 the SMR will apply to all UK authorised firms). The...more

McGuireWoods LLP

Making Bankers Accountable

McGuireWoods LLP on

The Financial Conduct Authority and the Prudential Regulatory Authority have recently been showing signs of gearing up for the new regime which is intended to have the effect of making senior bankers and other financial...more

Locke Lord LLP

New Risks - the New Senior Manager and Senior Insurance Manager Regimes

Locke Lord LLP on

From 7th March 2016 (and 1st January for insurers), a new regulatory financial services regime will be in place in the United Kingdom. The new regime is significant; it is intended to make it far easier for UK regulators; the...more

Morgan Lewis

UK Financial Institutions: Proposals for New Senior Managers and Certification Regimes

Morgan Lewis on

With a mandate from Parliament, the UK regulators are working on a new regime governing individuals in banks. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint...more

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