On 19 June 2014, the PRA published a Statement of Policy on its power to require certain persons and firms to provide information or documents that the PRA considers are or may be relevant to the stability of the UK financial system (known as the 'financial stability information power'). The scope of the power is wide and can be applied to both authorized and unauthorized firms. The Statement covers the circumstances when the PRA will provide prior notice and when it will not, the right to make representations and requirements on form and authentication.
The Statement is available at: http://www.bankofengland.co.uk/pra/Documents/publications/policy/2014/fsinfop ower.pdf.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
