Information use
4
Section 250 of the Banking Act 2009 imposes a duty on the PRA to collect information that it thinks is, or may be, relevant to the stability of individual financial institutions or to one or more aspects of the UK financial system. Some information relevant to UK financial stability will be accessible to the PRA through authorised persons’ regular reports to the PRA, from other UK or international authorities or through information gathered by the PRA under other information gathering powers, such as section 165[3] of FSMA or section 250(2) of the Banking Act 2009.
Footnotes
- 3. Section 165 confers on the PRA the power to require in writing from authorised persons specified information or specified documents of a specified description.
- 19/06/2014
5
The PRA may require additional information relevant to UK financial stability which cannot be obtained through means specified in paragraph 4 above. In such cases, the PRA may use the financial stability information power to gather additional information. This information may relate to the exercise of the PRA’s functions, or the PRA may collect the information in order to disclose it to another person or authority, for example the Bank of England, the Financial Policy Committee (FPC)[4] or HM Treasury. In urgent cases, it may be appropriate for the PRA to exercise these powers without delay.
Footnotes
- 4. The FPC is charged with a primary objective of identifying, monitoring and taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system. The PRA may use the financial stability information power to require firms to provide information at the request of the FPC.
- 19/06/2014