5 Questions
What is the general objective of the PRA as stated in the text?
The PRA's general objective is promoting the safety and soundness of PRA-authorised persons.
How is the PRA required to act in discharging its general functions?
The PRA is required to act in a way which advances its general objective, so far as is reasonably possible.
What is the primary way the PRA's general objective is to be advanced, as per the text?
The PRA's general objective is to be advanced primarily by seeking to ensure that the business of PRA-authorised persons is carried on in a way which avoids any adverse effect on the stability of the UK financial system and seeking to minimise the adverse effect that the failure of a PRA-authorised person could be expected to have on the stability of the UK financial system.
What adverse effects are mentioned in section 2B(3) of the Act as per the text?
The adverse effects mentioned in section 2B(3) of the Act may result from the disruption of the continuity of financial services.
Which authority issued the decision notice to Birmingham Bank Ltd and Andrew Julian Holmes?
The decision notice was issued by the Prudential Regulation Authority (PRA) to Birmingham Bank Ltd and Andrew Julian Holmes.
Test your knowledge of the relevant statutory and regulatory provisions outlined in the decision notice issued by the Prudential Regulation Authority to Birmingham Bank Ltd and Andrew Julian Holmes on 24 June 2021. This quiz covers key sections of the Act and the PRA's general functions.
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