Attestations

How and why we use attestations as a supervisory tool.

An attestation is a firm’s formal statement that it will take, or has taken, an action we require. We use attestations as a supervisory tool to ensure that regulated firms – and senior managers within them – are clearly accountable for taking the actions we require on specific issues and will focus on putting things right, often without our ongoing regulatory involvement.

The most usual situations when we ask for attestations include the following:

  • Notification − for emerging risks at firms that are unlikely to result in material harm to consumers or to have a negative impact on market integrity. An appropriate person at a firm will attest that they will notify us if the risk changes in its nature, magnitude or extent. The person is responsible for ensuring that the firm appropriately monitors the risk and makes any notifications that are appropriate to us.
  • Undertaking − we want a firm to take specific action within a particular timescale, but the risk is unlikely to result in material harm to consumers or to have a negative impact on market integrity. The attestation promises that the action will be taken.
  • Self-certification − for a more significant issue, but we are confident the firm can resolve the issue itself. The attestation promises that the risks have been mitigated or resolved.
  • Verification − we want a firm to resolve issues or mitigate risks, and we also want verification of that. The attestation confirms that the action, including verification (eg by internal audit), has been done.

Quarterly information

We publish information on how often we request attestations on a quarterly basis. 

Table 1: Number of attestations by sector and conduct classification for Q2 2017/18

Sector/conduct classification

Fixed

Flexible

Total

Retail banking

5

0

5

Wholesale banking

0

1

1

Investment management

0

0

0

General insurance and protection

0

0

0

Pensions and retirement income

0

0

0

Retail lending

0

2

2

Retail investments

0

2

2

Total:

5

5

10

Table 2: Number of attestations by quarter and conduct classification for the most recent four quarters

Quarter/conduct classification

Fixed

Flexible

Total:

Q2 2017/18

5

5

10

Q1 2017/18

2

2

4

Q4 2016/17

7 2

9

Q3 2016/17

25 28

53

Total:

39

37

76

Notes to the tables:

  1. The numbers are correct as of 31 October 2017
  2. The quarters are split according to financial year (ie Q1 starts 1 April)
  3. Read details of the changes to the conduct classifications of firms:
  4. The sectors have been updated for 2017/18 to reflect our current sector classifications

Download the data as a spreadsheet (XLSX)