With the deadline for submitting Form K grandfathering notifications fast approaching, the Prudential Regulation Authority (PRA) has issued a reminder to firms to submit their forms by 8 February 2016.

The PRA has found that some firms are having to resubmit their application where they have not allocated the prescribed responsibilities and/or mandatory functions and encourages firms to check their notification thoroughly before submitting. The PRA will begin contacting firms this week (week commencing 1 February) to check on progress, and is encouraging firms to contact them with any issues which may impact upon the firm’s ability to make a submission.