BREXIT: Bank of England steps up it’s monitoring of Lloyd’s whistle-blowing systems

Advertisements

LONDON (Reuters) – The Bank of England (BOE) has stepped up its monitoring of Lloyd’s of London’s SOLYD.UL whistleblowing systems, the central bank said on Monday///CRIMSON TAZVINZWA–

The Prudential Regulation Authority said the insurance market had agreed to additional requirements relating to whistleblowing after informing the regulator that its processes had been ineffective.

The PRA is the United Kingdom’s prudential regulator for deposit-takers (banks, building societies and credit unions), insurers and designated investment firms.2 It derives its responsibilities and its powers from the Financial Services and Markets Act (FSMA) 2000 (as amended by the Financial Services Act 2012 and the Financial Services (Banking Reform) Act 2013) (the Act), and the relevant EU Directives and directly effective regulations for which it is a competent authority.

 

READ RELATED: Outsourcing and third party risk management

READ RELATED: Building operational resilience: impact tolerances for important business services

READ RELATED: THE PRA ISSUES A NEW SUPERVISORY STATEMENT SETTING OUT EXPECTATIONS FOR BANKS AND INSURERS ON MANAGING THE FINANCIAL RISKS FROM CLIMATE CHANGE

52.6368778-1.1397592
Advertisements