Prudential Regulation Authority

The request was made a few months ago.

in response to the Prudential Regulation Authority's review of bank liquidity, and it described the problem.

So this is the problem they're saying they're trying to solve.

Gold held at the Bank of England is operationally ready, it's transferable, but yet is not recognized as eligible collateral.

Unlike traditional banks, Revolut has less historical lending data and is supplementing its credit assessments with information from external providers.

Meanwhile, the Financial Times reported on Tuesday that the Bank of England's Prudential Regulation Authority has ordered an independent review of Revolut's product approval processes, examining whether its internal controls can keep pace with its rapid expansion.

Feels like not a week goes by without some sort of Revolut story.

And this is two coming out at the same time.

AIB NI is a trademark used under licence by AIB Group UK PLC.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Allied Irish Bank GB and Allied Irish Bank GB Savings Direct are trademarks used under licence by AIB Group UK PLC.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

It's one of our purposes.

But, um, we're, like the, like banks and building societies, we're regulated, so we report to the PRA, uh, the Prudential Regulation Authority, and the Financial Conduct Authority.

And when people do save with us, the savings are protected up to 120,000, just like the High Street, um, by the Financial Services Compensation Scheme.

So, um, we encourage people to save with us, and what we do with their savings is we lend it out to other members in the form of a loan.

The banks that talk about their technology publicly describe Java cores, not Node or PHP.

And none of the regulators, the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England, said a word about either bug this week.

The one hard deadline that applies is the card industry's rules, PCI DSS, which say critical patches go on within a month.

so anyone taking card payments through php has until about the 21st of november

FXOpen remains on the regulator's register, meaning the application is still pending.

Meanwhile, the FCA and the Prudential Regulation Authority have proposed changes to the UK's senior managers and certification regime, including the removal of certification requirements for around 139,000 staff.

The proposed reforms aim to reduce administrative costs for financial firms, with projected savings of £2 billion over the next decade.

Under the plans, employees currently covered by the certification regime would no longer require annual regulatory certification or appear on the FCA's public directory.

And we really have to emphasize what a huge shift in regulatory power that is.

Under the Financial Services and Markets Act 2023, this CTP designation suddenly gave financial regulators, specifically the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority, the legal authority to directly oversee these tech giants.

They essentially dragged Silicon Valley right into the regulatory perimeter of the British banking system.

Because the regulators finally realized something fundamental.

Of course, it was already down from last week on those reports that a new, uh, banking tax could be levied on Barclays and other UK banks as well.

Uh, but we're seeing this as a reaction to the Prudential Regulation Authority, so the branch of the Bank of England, uh, that is responsible for overseeing institutions and setting rules.

They are evaluating whether or not Barclays misrepresented, uh, illiquid private credit loans, uh, and potentially saying that Barclays could have understated their risks.

That's according to a report in the Financial Times.

In the financial sector, regulatory changes are on the horizon.

The UK's Prudential Regulation Authority is looking to consolidate rules governing payment systems.

While the details are still emerging, this move could have significant implications for risk management and compliance in the financial services industry.

Security and risk executives should closely monitor these developments and assess their impact on payment system security.