UK Finance Ltd.

04/10/2024 | Press release | Distributed by Public on 04/10/2024 02:55

Consultation Responses UK Finance response to CP 3-24 PRA's waivers and permissions proposals

UK Finance response to CP 3-24 PRA's waivers and permissions proposals

In CP 3/24 the PRA makes proposals about how it will implement section 138BA of the Financial Services and Markets Act (FSMA) 2023, which UK Finance very much supports.

The new approach will be helpful in overcoming situations our members have previously experienced where there has been agreement between the PRA and the firm that the facts of a particular trade generate no exposure, yet the PRA has felt unable to disapply or modify its ruled, because of its limited legislative discretion.

The new power at s138BA will overcome this sort of problem as the PRA, will be able to exercise less fettered discretion.