PRA (The Prudential Regulation Authority)

2026

The Complaints Commissioner did not uphold the complaint about the PRA’s decision not to investigate concerns relating to Firm X. The complaint alleged that the administrators of a Gibraltar-based insurer had manipulated file records in breach of Solvency II Pillars 1 and 2. The Commissioner agreed with the PRA that Firm X is regulated by the Gibraltar Financial Services Commission (GFSC) as its home regulator, and that the matters raised fall within the GFSC’s supervisory remit rather than the PRA’s, meaning the PRA was correct not to investigate the complaint under the Complaints Scheme.

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