In his speech, Miles Bake sets out the Prudential Regulation Authority’s (PRA) approach to enforcement. He explains how we use our enforcement powers and gives examples of when we have used them against firms and individuals in the past.
The PRA’s statutory objectives guide the enforcement approach, he says. This means that when we are considering enforcement action we take into account the safety and soundness of firms, the protection of insurance policyholders, and we make sure we are acting in a way that facilitates effective competition.
Miles outlines the enforcement cases the PRA has dealt with since it was established in 2013, and the current investigations.
The PRA’s approach to enforcement