Prudential Regulation Authority loads its weapons

A consultation is in progress on the Prudential Regulation Authority's approach to disciplinary and enforcement action when it becomes operational in April. The PRA will have a variety of tools it can employ, such as refusing or varying a firm's permission, imposing a requirement under the Financial Services and Markets Act, refusing approval for an individual to carry out a controlled function, refusing change of control over a PRA-authorised person, and imposing financial penalties or publishing public censures. It also has a power to impose suspensions or restrictions on both authorised firms and approved persons.