PRA to investigate Co-operative Bank

Whilst no further information will be provided on the investigation until the legal process has concluded the PRA did confirm that part of the investigation would focus on the role of former senior managers.

The Treasury has previously indicated that the independent review announced by the Chancellor will not start until it is clear that it will not prejudice any actions that the regulators may take.

The PRA will work with the Treasury to ensure that the enforcement investigation and the independent review are sequenced appropriately.