Prudential Regulation Authority's Approach to Banking Supervision Announced

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On May 19, the Bank of England and the UK Financial Services Authority (FSA) published a joint paper, "The Bank of England, Prudential Regulation Authority - Our approach to banking supervision," setting out the current thinking on how the future Prudential Regulation Authority (PRA) will approach the supervision of banks, building societies, credit unions and investment firms.

The paper outlines: (1) the principles underlying the PRA's approach; (2)the scope of the PRA; (3) the PRA's risk assessment framework; (4) the PRA's forward looking, judgment-led approach to supervision; (5) the approach to policy-making that will support the judgment-led model; and (6) the approach to authorizing firms and approving individuals.

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