2.1 Alongside PRA rules, the PRA also issues supervisory approach documents, SoPs, and SSs.

• The supervisory approach documents set out information on the PRA's supervisory practices including its approach to the supervision of different types of firms.

• SoPs are the formal documents in which the PRA details its policy on a particular matter. SoPs usually set out the PRA's approach to exercising powers conferred by the Financial Services and Markets Act 2000 ('FSMA'). They do not contain the PRA's expectations, which are set out in supervisory statements.

• Supervisory statements set flexible frameworks for firms, incorporating new and existing expectations. They focus on the PRA's expectations and are aimed at facilitating firm and supervisory judgement in determining whether they meet those expectations. They do not set absolute requirements - these are contained in rules.