FCA and PRA have issued a joint consultation on proposed implementation of the enforcement review and the Green report into enforcement actions following the failure of HBOS plc. The paper looks at the ways in which FCA, PRA and Treasury plan to address many recommendations. The consultation focuses on proposed changes to FCA’s Decision Procedure and Penalties Manual and Enforcement Guide and includes new rules amending and adding to existing rules. The key changes look at “focused resolution agreements” with new provisions for settlement decision makers. Other changes, and the reason for PRA’s involvement, address cooperation between regulators following the Green report (see also FReD 27 November 2015). The consultation closes on 14 July. (Source: FCA and PRA propose implementation of the Enforcement Review)