Law360, London (November 1, 2019, 3:53 PM GMT) -- Banks and finance companies in the U.K. will soon be subject to tougher scrutiny of their reports to regulators and will be called on to explain any reporting errors, the Bank of England has warned.
The regulator will start calling on financial service providers to prove that the data they provide to watchdogs is accurate, the Prudential Regulation Authority, which is part of the Bank of England, said in a letter to chief executives published Thursday.
“We expect firms to submit complete, timely and accurate regulatory returns,” the regulator warned in the letter, as it also said it will establish a new...
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