We had our annual assessment visit from the Bank of England Prudential Regulation Authority on Monday and this was discussed later at the board meeting. During the day, the PRA met with the Chair, the internal auditors and key members of the management team and the meetings were very constructive and positive.
Other items on the agenda included receiving reports from the internal auditors, updating our risk management framework and our on-going work in respect of cyber-security.
The Board decided that the forecasted dividend rate for non-notice period accounts, for the quarter starting 1st July would remain at 0.25%. However, reflecting the Board’s desire to “equalise” dividend rates across our accounts, it was also decided that the forecasted dividend rate for 30, 60 and 90 day Notice Accounts for the quarter starting 1st July would be reduced to 0.26%.
Yours in co-operation,
David McRiner, Chair