Jurisdiction(s):
United Kingdom

UK PRA lacks fining power over critical cloud third parties; will rely on bans, censures, restrictions and skilled person reviews under FSMA 2023; consultation closes 15 March 2024

Published on: 08 February 2024

Published by a Law360 reporter

Legal News

Article summary

Sam Woods, chief executive of the Prudential Regulation Authority, the Bank of England’s regulatory arm, told the Treasury Committee that its remit has a significant notable gap not seen in the EU’s regulatory framework. The single power parliament has not handed to us is the ability to impose fines, he explained during the committee’s scrutiny of the PRA’s activities. That sets us apart from the EU method. Woods added that he expects the authorities conferred on the PRA by the Financial Services and Markets Act 2023, which obtained Royal Assent in June 2023, to prove effective once translated into formal rules, though he stressed this remains currently an emerging area. Firms expected to fall within the PRA’s forthcoming oversight of so-called critical...

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