Tuesday, 8 October 2013

UK: Bank of England and FCA respond to PCBS final report recommendations

The Bank of England and Financial Conduct Authority have published their responses to the recommendations made in the final report of the Parliamentary Commission on Banking Standards: see, respectively, here (pdf) and here (pdf). The FCA and Bank have accepted many, but not all, of the Commission's recommendations. Further consultations by both are promised for 2014. In the Bank's response it is stated that the Prudential Regulation Authority does not believe that a director’s duties under the Companies Act 2006 would override his or her obligations to comply with relevant PRA requirements.

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