1
Introduction
1.
This statement of policy is issued by the Prudential Regulation Authority (PRA) in accordance with section 63ZD of the Financial Services and Markets Act 2000 (FSMA) as amended by the Financial Services (Banking Reform)Act 2013,[1] and the Bank of England and Financial Services Act 2016, which requires the PRA and the Financial Conduct Authority (FCA) to issue a statement of their respective policies on:
- approving individuals under section 59 of FSMA subject to conditions and time limits; and
- varying approvals under section 59 of FSMA.[2]
Footnotes
- 1. www.legislation.gov.uk/ukpga/2013/33/contents/enacted.
- 2. The PRA’s and FCA’s power to vary approvals are set out in Sections in sections 63ZA or 63ZB of FSMA.
- 10/12/2018
2.
The statement applies to all PRA-authorised persons, including insurance special purpose vehicles (ISPVs), the Society of Lloyd’s (Lloyd’s) and managing agents at Lloyd’s.
- 10/12/2018
3.
In discharging its general functions, the PRA must, so far as is reasonably possible, act in a way that advances its statutory objectives.[3] The PRA is also required to have regard to certain regulatory principles.[4] The PRA may alter or replace this statement of policy at any time subject to consultation.
Footnotes
- 3. Sections 2B and 2C of FSMA.
- 4. Sections 2G and 3B of FSMA.
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