On 6 March 2018, HM Treasury announced that it had directed the Prudential Regulation Authority (PRA) to conduct an independent review of the prudential supervision of the Co-operative Bank between 2008 and 2013.
HM Treasury has today published Mark Zelmer’s report[1] and the PRA has formally responded[2].
Responding to the review FCA Chair, Charles Randell, commented:
'We note Mr Zelmer’s findings and join the PRA and HM Treasury in thanking Mr Zelmer for his comprehensive and efficient approach to conducting this review.
'The approach to regulation has significantly changed since the period covered by this review, not least with the move to 2 separate regulators. Mark Zelmer’s report relates to the prudential supervision of banks now performed by the PRA. The FCA will reflect on the findings and recommendations where relevant.'
Notes to editors
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has 3 operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[3].