BoE Watchdog Warns Lenders Over Poor Regulatory Reports
By Irene Madongo (September 13, 2021, 2:42 PM BST) -- The Bank of England's regulatory arm has called on lenders to strengthen the systems they use to generate reports to the watchdog, warning them that they are not taking the disclosures sufficiently seriously.
The Prudential Regulation Authority has raised concerns about the processes behind the paperwork that finance firms are sending through after it asked independent companies in the sector, from October 2019 onward, to send in reviews about the systems they used, according to a Sept. 10 letter from the watchdog.
The watchdog did not name the independent firms, although these are usually specialist companies or consultancies.
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