On 6 March 2018 the Economic Secretary to the Treasury, John Glen MP, issued a direction using the powers conferred by the Financial Services Act 2012 (the act), requiring the Prudential Regulation Authority (PRA) to undertake a review of the supervision of the Co-operative Bank between 2008 and 2013. The PRA appointed Mr Mark Zelmer, a former Deputy Superintendent of the Office of Superintendent of Financial Institutions, Canada, and previously a senior official at the Bank of Canada, to undertake the review. As required by the act, HM Treasury is now publishing the findings of the review. The report makes detailed recommendations for the PRA and the Bank of England (BoE) relating to supervisory policy and practice.
The PRA and the BoE welcome the report’s recommendations and have today (27 March 2019) published a document responding to them.