We will amend our supervisory strategies and the way we prioritise to reflect the new higher standards of the Consumer Duty and reduce harm as quickly as possible by focusing initially on the highest priority issues and portfolios. Empower consumers and firmsGather insights on consumers’ needs and experiences through our consumer research and partnerships work, for example on the impact of the cost-of-living crisis on consumers. Support competition and innovationPublish final outcome-based rules on the proposed Consumer Duty so firms can find new ways of serving their customers with clarity about our regulatory expectations.
In particular, Brexit has significantly changed the context in which the PRA will operate in future, including additional rule-making responsibilities under the government’s proposed reforms to the UK’s regulatory framework. The PRA also needs to do more to mitigate risks that were not prominent when the post-crisis regulatory framework was being developed, such as operational resilience and climate change, and keep pace with innovation in the financial system, such as use of cryptoassets. This touches on a central aspect of this year’s https://www.wikipedia.org/ for the PRA.
This is best managed by having a single person write the plan or allowing time for the plan to be properly edited before distributing it. This includes everything from computers to lightbulbs and everything in between. You’ll never have perfect, complete information about the size of your total addressable market.
We’ve introduced new rules and guidance to strengthen operational resilience and are scaling up our efforts to deal with those who can’t meet our new standards. Digital services make it faster and easier than ever to engage in financial services or undertake any financial services activity. Instead, they’re often targeted with adverts that are illegal, unclear, unfair and misleading.
While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Every three months performance reports are produced to show how we are progressing with the projects and measures.
Consumers are at risk of being mis-led and mis-sold, while misconduct by ARs in the financial sector can undermine market integrity. So we’re making changes to improve principals’ oversight of their ARs, increase the information they give us and raise standards across financial services. We have built analytical tools to provide key indicators about firms to help identify risks – such as phoenixing – right at the Gateway, https://www.themotorettes.com/ which we can then address via frontline teams or through automated interventions. Our new cloud-based data infrastructure allows us to work with data at scale and speed. We can engineer, connect, and blend data to create new insights to help us monitor how markets and firms are functioning in line with our market integrity objective. We have explored the use of synthetic data sets to test financial crime controls.