Emma RadmoreDavid Chaplin of the PRA has spoken on how behaviour in regulatory investigations is evolving and how the shift to earlier engagement and “candour” can help faster and more efficient enforcement processes. He noted the increasing trend for firms to be proactive in identifying, acknowledging and remedying breaches and in engaging with the PRA at every earlier stages in the process.
He said that the PRA sees itself as a supervision-led rather than an enforcement-led regulator, and said that it brings enforcement action to support specific supervisors objectives, strategies and outcomes guided by its statutory objectives. It expects the steady number of public outcomes to continue. He also noted that while the PRA does not open investigations lightly, it is also inevitable and reasonable that some will close without a finding of breach.
He finished by talking about the Early Account Scheme, and how it has led to behavioural change already.