Jurisdiction(s):
United Kingdom

UK PRA enforcement investigations: information‑gathering powers, legal privilege and confidentiality, and the Early Account Scheme—process, senior manager attestations and enhanced settlement discounts, with UKI Limited case study

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Practice notes

The Financial Services Enforcement Database

The Financial Services Enforcement Database holds comprehensive detail on every substantive FCA and PRA Final Notice and, when available, Decision Notices, from 2014 onwards. Users can search and refine results by the regulator ‘PRA’ and/or by keyword, as well as by rule breach, sector, date, seriousness, aggravating and mitigating factors, level of financial penalty, and additional steps such as referrals to the Upper Tribunal.

This Practice Note explains the Prudential Regulation Authority’s (PRA) approach to gathering information for an enforcement investigation. It describes the PRA’s statutory powers to compel the provision of information and the production of documents, and identifies limits on those powers under:

FSMA 2000, s 413 on disclosure of legally privileged materials;
FSMA 2000, s 175 concerning banking confidentiality; and
FSMA 2000, s 348 regarding disclosure of confidential information by the regulator.

The Practice Note also summarises the PRA’s Early Account Scheme (EAS), introduced from 30 January 2024 to accelerate investigations by encouraging subjects—firms or individuals—to co-operate at an early stage of the process in exchange for a significant penalty reduction of up to 50%...

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Web page updated on 27/05/2026

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