BoE to ‘streamline’ supervision as part of growth push
PRA has been easing some regulations as government looks to cut cost of compliance
The Bank of England will “streamline” its supervisory process this year as part of a wider government effort to reduce the cost of regulation for businesses.
The Prudential Regulation Authority (PRA) said in its annual letter to supervised firms, published today (January 15), that it will move some key tasks to a two-year cycle. Notably, firms’ periodic summary meetings (PSMs), which are currently annual, will now take place every two years. PSMs are used to set the supervisory agenda and review
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