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Bank of England Prudential Regulation Authority issues Supervisory Statement on operational continuity

PRA, the Bank of England Prudential Regulation Authority, has published Supervisory Statement SS9/16 ‘Ensuring operational continuity in resolution’. The Supervisory Statement is the result of a consultation paper (38/15) of the same title and is relevant to UK banks, building societies and PRA-authorised investment firms to which the Operational Continuity Part of the PRA Rulebook applies.

The Supervisory Statement sets out the PRA’s expectations on firms to ensure operational continuity of critical services to facilitate recovery actions, orderly resolution and post-resolution restructuring. Critical services are those services that need to be available to one or more business units of a firm or entity of a group in order to provide functions critical to the UK economy.

Ensuring operational continuity in resolution can be read here as a PDF.

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