On January 27, 2015, HM Treasury published the Financial Services and Markets Act 2000 (Regulation of Auditors and Actuaries) (PRA Specified Powers) Order 2015 (the “Order”) together with an explanatory memorandum. The Order gives effect to enforcement powers previously granted to the PRA over auditors and actuaries under the Financial Services Act 2012 (the “Act”). The PRA was not able to use these powers until HM Treasury granted effect to those powers under this Order. The Order allows the PRA to apply dissuasive sanctions such as monetary fines or disqualification measures on auditors and actuaries that breach PRA rules or statutory duties. The PRA intends to issue further guidance on the use of these enforcement powers following a consultation. The Order enters into force on February 20, 2015.
The Order and explanatory memorandum are available at: http://www.legislation.gov.uk/uksi/2015/61/pdfs/uksi_20150061_en.pdf and http://www.legislation.gov.uk/uksi/2015/61/pdfs/uksiem_20150061_en.pdf.