The Bank of England’s approach to enforcement: statements of policy and procedure

The Bank of England publishes statements of policy and procedure detailing its regulatory, supervisory, and enforcement powers under the Financial Services and Markets Act 2000 and the Banking Act 2009. These statements apply to PRA-authorised firms, financial market infrastructures, entities involved in securitisation, and critical third parties, outlining specific statutory notices and decision processes for penalties, censures, and prohibitions. Chapters 4, 5, and 6 of Annex 1, along with Chapter 2 of Annex 2 and Chapter 2 of Annex 3, regarding financial penalties, take effect upon publication on 12 November 2024, applying only to breaches occurring after that date, while the remainder of the document takes effect upon publication.

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The Bank of England’s approach to enforcement: statements of policy and procedure Statement of Policy November 2024

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Bank of England | Prudential Regulation Authority The Bank of England’s approach to enforcement: statements of policy and procedure Statement of policy November 2024

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Bank of England | Prudential Regulation Authority Contents
The Bank of England’s approach to enforcement: statements of policy and procedure.......................0
Contents 3

Overview 4
The Bank’s regulatory enforcement powers 6
The Bank’s use of criminal enforcement powers 25
Annexes 26
Annex 1: The PRA’s approach to enforcement: statements of policy and
procedure 27
Annex 2: The Bank of England’s approach to enforcement in respect of
Financial Market Infrastructures: statements of policy and procedure 127
Annex 3: The Bank of England’s approach to enforcement in respect of
recognised persons and specified persons in the wholesale cash distribution market: Statements of principles 161
Annex 4: The Bank of England’s approach to enforcement in respect of
critical third parties: statement of policy and procedure 182
Annex 5: The Bank of England’s other statements of policy and procedure in
relation to enforcement 210
Annex 6: Abbreviations and definitions 213

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Source: Bank of England — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works