The BSA welcomed the opportunity to respond to PRA’s CP 12/16, revising Supervisory Statement SS 20/15, which is the document corresponding to the former Building Societies’ Specialist Sourcebook, and appreciates the early engagement BSA members have had with the relevant PRA staff.
Our conclusion was that the revised Sourcebook as proposed in CP 12/16 is, overall, if sensibly and flexibly applied, a reasonable vehicle to achieve the PRA’s objectives on risk management, alignment with risk appetite and reduction of crystallised risk. The BSA considers that the PRA’s acceptance of the BSA’s counter-proposals, and correcting the minor errors and inconsistencies already identified, will further enhance the Sourcebook’s suitability and effectiveness, while striking a better balance between prescription and freedom. The BSA and its members will be very happy to provide any further information and assistance to the PRA in the post-consultation finalisation of the revised Sourcebook.
Read our full response here.