PRA Expands Managers’ Role In Testing Recovery Plans
Law360, London (June 10, 2019, 4:47 PM BST) -- The senior managers in charge of drawing up recovery plans to safeguard their banks or insurance firms in times of financial stress will be responsible for testing how well their fire drills work, the Prudential Regulatory Authority said in proposals set out Monday.
The Bank of England’s regulatory arm said it plans to give managers at financial businesses additional responsibility that will force them to oversee assessments of their resolution plans. A senior manager is currently appointed to pen a recovery plan as a measure to protect their company in times of financial hardship.
The PRA has been assessing how firms...
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