Article 117 Assessment: consultation by PRA with FCA

In section 187A (assessment: consultation by PRA with FCA)^f1, after subsection (5) insert—

“(5A)

Where the PRA notifies the FCA that it has been directed by the Bank of England under section 189(1A) to act in a timely manner, the FCA may take action under subsection (2), (3) or (4) after the time it receives that notification only if that action is taken as soon as reasonably practicable after that time.”