PRA publishes Dear CEO letter on reliability of regulatory returns
Industry News | 01/11/19
The Prudential Regulation Authority (PRA) has published a Dear CEO letter (dated 31 October 2019) from Sarah Breeden PRA Executive Director, UK Deposit Takers Supervision, and David Bailey PRA Executive Director, International Banks Supervision, on the reliability of regulatory returns.
The PRA expects firms, if asked, to be able to respond promptly to a request from the PRA to:
• Demonstrate how the design and operation of the governance, controls and other processes deliver regulatory reporting of appropriate quality.
• Provide the PRA with details of any material regulatory reporting errors identified, together with an explanation of the actions taken to remediate them.
The PRA reminds firms that the production and integrity of a firm’s financial information and its regulatory reporting is a prescribed responsibility. The PRA has therefore copied the Dear CEO letter to the relevant senior manager at the firms to whom it is addressed, although the PRA stresses that this should also be an area of focus for the executive team and the board.