BoE and PRA update enforcement procedures

The BoE has updated its and the PRA’s statements of policy and procedures around enforcement in the light of the new powers given to the regulators under FSMA 2023. The new policies and procedures will be relevant not only to FMIs and PRA-authorised firms, but also to unauthorised persons who are, variously:

• involved in securitisation activities;
• recognised or specified as recognised payment systems that use digital settlement assets, DSA service providers or a service provider to an RPS that uses DSAs, or a DSA service provider;
• any person recognised or specified in connection with the provision of wholesale distribution of cash; and
• any person designated as a Critical Third Party.