The Prudential Regulation Authority (PRA) has confirmed it is undertaking an enforcement investigation into the Co-operative Bank. A key element of the investigation will consider the role of former senior managers.

No further information will be provided on the investigation until the legal process has concluded and an outcome has been reached.

At the same time, it has been confirmed that the independent review into the Bank, announced by the Chancellor on 22 November 2013, 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.