Direction to the Prudential Regulation Authority to investigate the prudential regulation of the Co-operative Bank plc during the period 2008 - 2013
Direction to the Prudential Regulation Authority to investigate the prudential regulation of the Co-operative Bank plc during the period 2008 to 2013.
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This Direction requires the PRA to carry out an investigation into the actions, policies and approach of the Financial Services Authority, and latterly the Prudential Regulation Authority, as the institutions with statutory responsibility for the prudential supervision of the Co-op Bank during the period 2008 to 2013. It focuses on the outstanding questions identified by the House of Commons Treasury Committee (TSC) in its 2014 report into the required divestment of 632 branches of Lloyds Banking Group, otherwise known as ‘Project Verde’, and the collapse of The Co-operative Bank’s bid for these branches.