Hector Sants has said the Prudential Regulation Authority's approach towards banking supervision will fundamentally differ from past practices as he set out a more "intensive" blueprint based on forward looking judgements.
Today's joint Bank of England and FSA paper The Bank of England, Prudential Regulation Authority - Our approach to banking supervision outlines how the PRA will approach the supervision of banks, building societies, credit unions and investment firms. "The PRA's purpose is fundamentally different from that of previous regulatory regimes and will lead to a significantly different model of supervision to that which was in use pre-2007," said Sants. "In designing this new model we have incorporated both the lessons learned from the last financial crisis and those from firm failures of the ...
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