UK: PRA policy and supervisory statements on the responsibilities of boards

The Prudential Regulation Authority has published a policy statement and accompanying supervisory statement concerning the responsibilities of boards: see, respectively, here (pdf) and here (pdf). The supervisory statement has been produced primarily for the boards of firms regulated by the PRA, and it identifies those aspects of governance regarded as particularly important by the PRA. Key issues for boards to consider are identified and the board's collective responsibility is emphasised. The statement is not, however, a comprehensive guide to good governance; moreover, the PRA makes clear that the supervisory statement does not replace its exercise of supervisory judgment.