Reliability of regulatory returns, how ICAEWs guidance can help

ICAEW’s Financial Services Faculty has guidance which can help banks and advisors respond to the issues raised in the recent Dear CEO letter from the Prudential Regulation Authority.

In October 2019 the Prudential Regulation Authority wrote to bank CEOs informing them that they expect them to take action to ensure the integrity of their firm’s regulatory returns. The letter also states their intention to commission skilled persons reports (s166s) on COREP reporting, the related controls and governance and the information related to key interpretations made when preparing the returns. 

This is key issue for all banks and there have been a number of well publicised errors in reporting in recent months. This printable guide recaps ICAEW’s existing technical guidance for skilled persons and our assurance framework for banking regulatory ratios and risk-weighted assets.

If you’d like to keep up with ICAEW’s activity in this area, become a banking member of the Financial Services Faculty at icaew.com/joinbanking.