PRA has published the statement of policy setting out how it will use the new power of direction over qualifying parent undertakings. In its feedback to responses to the December 2012 consultation paper, PRA says that there is no requirement that the power of direction be used only as a last resort. It will consider the desirability of using the power over the holding company rather than the regulated entities, and PRA’s decision to use the power can be referred to the Tribunal. (Source: Policy statement – The Power of Direction Over Qualifying Parent Undertakings)