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 individuals within them – are clearly accountable for taking the actions we require, often without our ongoing regulatory involvement.

The most usual situations when we ask for attestations include:

  • Notification – The most appropriate senior individual(s) within a firm attest to notify us if an emerging risk changes in its nature or magnitude. They are therefore responsible for ensuring the firm appropriately monitors the risk.
  • Undertaking – The most appropriate senior individual(s) within a firm attest to complete actions within a specified timescale, however they are not required to confirm to us that they have been completed.
  • Self-certification – The most appropriate senior individual(s) within a firm attest to undertake the completion of actions within a specified timescale. They are also required to confirm that they have been completed.
  • Verification – The most appropriate senior individual(s) within a firm attest to undertake the completion of actions within a specified timescale. They are then required to provide verification that the risks identified have been mitigated and resolved.

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 Q4 2019 (January - March 2020)

Sector/conduct classification

Dedicated supervision firms

Portfolio supervision firms

Total

Retail banking

0

0

0

Wholesale banking

1

0

1

Investment management

0

1

1

General insurance and protection

0

0

0

Pensions and retirement income

0

1

1

Retail lending

0

0

0

Retail investments

0

0

0

Total:

1

2

3

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

Quarter/conduct classification

Dedicated supervision firms

Portfolio supervision firms

Total:

Q4 2019/20 1 2 3
Q3 2019/20 5 4 9
Q2 2019/20 0 2 2
Q1 2019/20

1

0

1

Total:

7

8

15

Notes to the tables:

  1. The numbers are correct as of 30 April 2020.
  2. The quarters are split according to financial year (i.e. Q1 starts 1 April). 

Download the data as a spreadsheet (XLSX)