PRA publishes PS20 19 – Strengthening individual accountability: Resolution assessments and report
Industry News | 27/09/19
The Prudential Regulation Authority (PRA) has published a policy statement, Strengthening individual accountability: Resolution assessments and reporting amendments (PS20/19), providing feedback to responses to the consultation paper of the same name (CP12/19). The statement also contains the PRA’s final policy in respect of amendments to
• the Senior Managers Regime: Statement of Responsibilities form (SoR form)
• Strengthening individual accountability in banking (SS28/15); and
• the prescribed responsibility (PR) for recovery plans and resolution packs in the Allocation of Responsibilities part of the PRA Rulebook.
In addition, in the absence of feedback on the proposed changes set out in CP12/19, the PRA will implement the proposals as consulted on. All changes outlined in PS20/19 take effect on 9 December 2019.