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Nematrian Reference Library

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Nematrian Summary "The Principles are a general statement of the fundamental obligations of firms under the regulatory system applicable for e.g. UK banks, insurers and asset managers. This includes provisions which implement the EU’s Single Market Directives. They derive their authority from the appropriate regulator's (i.e. PRA or FCA) rule-making powers as set out in the Financial Services and Markets Act 2000 and reflect the regulators’ statutory objectives. These statutory objectives are defined in the PRA / FCA Handbook as: (1) for the FCA (as described in sections 1B, 1C, 1D and 1E of the Act): (a) its strategic objective of ensuring that the relevant markets function well; and (b) its operational objectives, i.e. (i) the consumer protection objective (as defined in section 1C of the Act); (ii) the integrity objective (as defined in section 1D of the Act); and (iii) the competition objective (as defined in section 1E of the Act); (2) for the PRA (as described in sections 2B, 2C and 314A of the Act): (a) its general objective of promoting the safety and soundness of PRA-authorised persons; and (b) its insurance objective of contributing to the securing of an appropriate degree of protection for those who are or may become policyholders."

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