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<br /> Annual Report & Accounts 2016/17<br /> Contents Key highlights<br /> <br /> Key highlights 2<br /> Group overview<br /> Chairman's statement 8<br /> Chief Financial Officer's statement 14<br /> Strategic report<br /> Who we are, what we do 20<br /> Market overview 24<br /> Our strategy 26<br /> Risks to our business 28<br /> Wider impact 32<br /> Governance<br /> Board 36<br /> Council 40<br /> Corporate governance report 42<br /> Directors' report 46<br /> Committee reports:<br /> Audit Committee report 48<br /> Board Risk Committee report <a title="NHBC Annual report and accounts 2016-17 page 1" href="http://viewer.zmags.com/publication/1b1ce1a8?page=1"> Annual Report & Accounts 2016/17</a> <a title="NHBC Annual report and accounts 2016-17 page 2" href="http://viewer.zmags.com/publication/1b1ce1a8?page=2"> Contents Key highlights Key highlights </a> <a title="NHBC Annual report and accounts 2016-17 page 3" href="http://viewer.zmags.com/publication/1b1ce1a8?page=3"> Our financial performance1 Registrations ('000s) </a> <a title="NHBC Annual report and accounts 2016-17 page 4" href="http://viewer.zmags.com/publication/1b1ce1a8?page=4"> Key highlights 158,184 10,380 1.5 million HOMES </a> <a title="NHBC Annual report and accounts 2016-17 page 5" href="http://viewer.zmags.com/publication/1b1ce1a8?page=5"> 914,213 146,909 9,984 INSPECTIONS AT KEY BUILD</a> <a title="NHBC Annual report and accounts 2016-17 page 6" href="http://viewer.zmags.com/publication/1b1ce1a8?page=6"> Mrs Sarah Perkins Homeowner, Derby A mother of tw</a> <a title="NHBC Annual report and accounts 2016-17 page 7" href="http://viewer.zmags.com/publication/1b1ce1a8?page=7"> Group overview – Chairman's statement </a> <a title="NHBC Annual report and accounts 2016-17 page 8" href="http://viewer.zmags.com/publication/1b1ce1a8?page=8"> Group overview Chairman's statement 2016/17 ha</a> <a title="NHBC Annual report and accounts 2016-17 page 9" href="http://viewer.zmags.com/publication/1b1ce1a8?page=9"> There have been a number of significant changes in</a> <a title="NHBC Annual report and accounts 2016-17 page 10" href="http://viewer.zmags.com/publication/1b1ce1a8?page=10"> Group overview The election galvanised younger </a> <a title="NHBC Annual report and accounts 2016-17 page 11" href="http://viewer.zmags.com/publication/1b1ce1a8?page=11"> Chairman's statement (continued) This lower int</a> <a title="NHBC Annual report and accounts 2016-17 page 12" href="http://viewer.zmags.com/publication/1b1ce1a8?page=12"> Group overview The ambition to increase build r</a> <a title="NHBC Annual report and accounts 2016-17 page 13" href="http://viewer.zmags.com/publication/1b1ce1a8?page=13"> Phil Stephens Executive Director, Development and</a> <a title="NHBC Annual report and accounts 2016-17 page 14" href="http://viewer.zmags.com/publication/1b1ce1a8?page=14"> Group overview Chief Financial Officer's stateme</a> <a title="NHBC Annual report and accounts 2016-17 page 15" href="http://viewer.zmags.com/publication/1b1ce1a8?page=15"> Financial highlights 2016/17 Registrations </a> <a title="NHBC Annual report and accounts 2016-17 page 16" href="http://viewer.zmags.com/publication/1b1ce1a8?page=16"> Group overview Net earned premiums and other in</a> <a title="NHBC Annual report and accounts 2016-17 page 17" href="http://viewer.zmags.com/publication/1b1ce1a8?page=17"> Chief Financial Officer's statement (continued) N</a> <a title="NHBC Annual report and accounts 2016-17 page 18" href="http://viewer.zmags.com/publication/1b1ce1a8?page=18"> Mrs Alice Munro Homeowner, Matlock Alice Munro ha</a> <a title="NHBC Annual report and accounts 2016-17 page 19" href="http://viewer.zmags.com/publication/1b1ce1a8?page=19"> Strategic report – Who we are, what we do </a> <a title="NHBC Annual report and accounts 2016-17 page 20" href="http://viewer.zmags.com/publication/1b1ce1a8?page=20"> Strategic report Who we are, what we do </a> <a title="NHBC Annual report and accounts 2016-17 page 21" href="http://viewer.zmags.com/publication/1b1ce1a8?page=21"> Key facts and figures for 2016/17 NHBC is the UK's</a> <a title="NHBC Annual report and accounts 2016-17 page 22" href="http://viewer.zmags.com/publication/1b1ce1a8?page=22"> Strategic report Home </a> <a title="NHBC Annual report and accounts 2016-17 page 23" href="http://viewer.zmags.com/publication/1b1ce1a8?page=23"> Who we are, what we do (continued) Home</a> <a title="NHBC Annual report and accounts 2016-17 page 24" href="http://viewer.zmags.com/publication/1b1ce1a8?page=24"> Strategic report Market overview NHBC operate</a> <a title="NHBC Annual report and accounts 2016-17 page 25" href="http://viewer.zmags.com/publication/1b1ce1a8?page=25"> Housing market outlook Recent financial market unc</a> <a title="NHBC Annual report and accounts 2016-17 page 26" href="http://viewer.zmags.com/publication/1b1ce1a8?page=26"> Strategic report Our strategy Our 2020 focus </a> <a title="NHBC Annual report and accounts 2016-17 page 27" href="http://viewer.zmags.com/publication/1b1ce1a8?page=27"> To support our strategic framework, we have ident</a> <a title="NHBC Annual report and accounts 2016-17 page 28" href="http://viewer.zmags.com/publication/1b1ce1a8?page=28"> Strategic report Risks to our business NHBC's</a> <a title="NHBC Annual report and accounts 2016-17 page 29" href="http://viewer.zmags.com/publication/1b1ce1a8?page=29"> Risk appetite The Board sets NHBC's risk appetite</a> <a title="NHBC Annual report and accounts 2016-17 page 30" href="http://viewer.zmags.com/publication/1b1ce1a8?page=30"> Strategic report Emerging risks In addition to t</a> <a title="NHBC Annual report and accounts 2016-17 page 31" href="http://viewer.zmags.com/publication/1b1ce1a8?page=31"> Paul Morrissey Chief Operations Officer, Cameron H</a> <a title="NHBC Annual report and accounts 2016-17 page 32" href="http://viewer.zmags.com/publication/1b1ce1a8?page=32"> Strategic report Wider impact Bringing out th</a> <a title="NHBC Annual report and accounts 2016-17 page 33" href="http://viewer.zmags.com/publication/1b1ce1a8?page=33"> NHBC believes in providing equal opportunities fo</a> <a title="NHBC Annual report and accounts 2016-17 page 34" href="http://viewer.zmags.com/publication/1b1ce1a8?page=34"> Strategic report NHBC also has an officially rec</a> <a title="NHBC Annual report and accounts 2016-17 page 35" href="http://viewer.zmags.com/publication/1b1ce1a8?page=35"> Governance – Board </a> <a title="NHBC Annual report and accounts 2016-17 page 36" href="http://viewer.zmags.com/publication/1b1ce1a8?page=36"> Governance Board We have a strong, experience</a> <a title="NHBC Annual report and accounts 2016-17 page 37" href="http://viewer.zmags.com/publication/1b1ce1a8?page=37"> Sir John Harman (Senior Independent Director) Si</a> <a title="NHBC Annual report and accounts 2016-17 page 38" href="http://viewer.zmags.com/publication/1b1ce1a8?page=38"> Governance Kate Davies (Non-Executive Director) </a> <a title="NHBC Annual report and accounts 2016-17 page 39" href="http://viewer.zmags.com/publication/1b1ce1a8?page=39"> Board (continued) Sir Muir Russell (Non-Executiv</a> <a title="NHBC Annual report and accounts 2016-17 page 40" href="http://viewer.zmags.com/publication/1b1ce1a8?page=40"> Governance Council NHBC Council members (as </a> <a title="NHBC Annual report and accounts 2016-17 page 41" href="http://viewer.zmags.com/publication/1b1ce1a8?page=41"> Mr D McLeod NHBC Scottish Committee Mr J Owen Jos</a> <a title="NHBC Annual report and accounts 2016-17 page 42" href="http://viewer.zmags.com/publication/1b1ce1a8?page=42"> Governance Corporate governance report This r</a> <a title="NHBC Annual report and accounts 2016-17 page 43" href="http://viewer.zmags.com/publication/1b1ce1a8?page=43"> 2 3 6 3 18 4 are in</a> <a title="NHBC Annual report and accounts 2016-17 page 44" href="http://viewer.zmags.com/publication/1b1ce1a8?page=44"> Governance Board gender diversity vs. FTSE 100 </a> <a title="NHBC Annual report and accounts 2016-17 page 45" href="http://viewer.zmags.com/publication/1b1ce1a8?page=45"> Corporate governance report (continued) Board at</a> <a title="NHBC Annual report and accounts 2016-17 page 46" href="http://viewer.zmags.com/publication/1b1ce1a8?page=46"> Governance Directors' report The Directors su</a> <a title="NHBC Annual report and accounts 2016-17 page 47" href="http://viewer.zmags.com/publication/1b1ce1a8?page=47"> In preparing these financial statements, the direc</a> <a title="NHBC Annual report and accounts 2016-17 page 48" href="http://viewer.zmags.com/publication/1b1ce1a8?page=48"> Governance Audit Committee report Membership </a> <a title="NHBC Annual report and accounts 2016-17 page 49" href="http://viewer.zmags.com/publication/1b1ce1a8?page=49"> Activities during 2016/17 In the performance of i</a> <a title="NHBC Annual report and accounts 2016-17 page 50" href="http://viewer.zmags.com/publication/1b1ce1a8?page=50"> Governance Board Risk Committee report Member</a> <a title="NHBC Annual report and accounts 2016-17 page 51" href="http://viewer.zmags.com/publication/1b1ce1a8?page=51"> Lee Wilkinson Construction Director, Bellway Home</a> <a title="NHBC Annual report and accounts 2016-17 page 52" href="http://viewer.zmags.com/publication/1b1ce1a8?page=52"> Governance Investment Committee report Member</a> <a title="NHBC Annual report and accounts 2016-17 page 53" href="http://viewer.zmags.com/publication/1b1ce1a8?page=53"> Activities during 2016/17 The Committee met on fo</a> <a title="NHBC Annual report and accounts 2016-17 page 54" href="http://viewer.zmags.com/publication/1b1ce1a8?page=54"> Governance Remuneration Committee report Memb</a> <a title="NHBC Annual report and accounts 2016-17 page 55" href="http://viewer.zmags.com/publication/1b1ce1a8?page=55"> Andrew Startin Director of Production, Wheeldon B</a> <a title="NHBC Annual report and accounts 2016-17 page 56" href="http://viewer.zmags.com/publication/1b1ce1a8?page=56"> Governance Nominations Committee report Membe</a> <a title="NHBC Annual report and accounts 2016-17 page 57" href="http://viewer.zmags.com/publication/1b1ce1a8?page=57"> Activities during 2016/17 The Committee was close</a> <a title="NHBC Annual report and accounts 2016-17 page 58" href="http://viewer.zmags.com/publication/1b1ce1a8?page=58"> Governance Consumer Committee report Membersh</a> <a title="NHBC Annual report and accounts 2016-17 page 59" href="http://viewer.zmags.com/publication/1b1ce1a8?page=59"> Activities during 2016/17 NHBC's Consumer Committ</a> <a title="NHBC Annual report and accounts 2016-17 page 60" href="http://viewer.zmags.com/publication/1b1ce1a8?page=60"> Mr Keith Howes Homeowner, Hinckley When homeowner</a> <a title="NHBC Annual report and accounts 2016-17 page 61" href="http://viewer.zmags.com/publication/1b1ce1a8?page=61"> Directors' remuneration report Leech </a> <a title="NHBC Annual report and accounts 2016-17 page 62" href="http://viewer.zmags.com/publication/1b1ce1a8?page=62"> Directors' remuneration report On behalf of the </a> <a title="NHBC Annual report and accounts 2016-17 page 63" href="http://viewer.zmags.com/publication/1b1ce1a8?page=63"> The aggregate remuneration for each of the Execut</a> <a title="NHBC Annual report and accounts 2016-17 page 64" href="http://viewer.zmags.com/publication/1b1ce1a8?page=64"> Directors' remuneration report Part A: Directors</a> <a title="NHBC Annual report and accounts 2016-17 page 65" href="http://viewer.zmags.com/publication/1b1ce1a8?page=65"> Table 1: 2016/17 remuneration policy Element, pur</a> <a title="NHBC Annual report and accounts 2016-17 page 66" href="http://viewer.zmags.com/publication/1b1ce1a8?page=66"> Directors' remuneration report Annual performan</a> <a title="NHBC Annual report and accounts 2016-17 page 67" href="http://viewer.zmags.com/publication/1b1ce1a8?page=67"> In addition to the remuneration earned in the fina</a> <a title="NHBC Annual report and accounts 2016-17 page 68" href="http://viewer.zmags.com/publication/1b1ce1a8?page=68"> Directors' remuneration report Policy on paymen</a> <a title="NHBC Annual report and accounts 2016-17 page 69" href="http://viewer.zmags.com/publication/1b1ce1a8?page=69"> The Non-Executive Directors, including the Chairm</a> <a title="NHBC Annual report and accounts 2016-17 page 70" href="http://viewer.zmags.com/publication/1b1ce1a8?page=70"> Directors' remuneration report Part B: Annual im</a> <a title="NHBC Annual report and accounts 2016-17 page 71" href="http://viewer.zmags.com/publication/1b1ce1a8?page=71"> Annual bonus The maximum annual bonus opportunity</a> <a title="NHBC Annual report and accounts 2016-17 page 72" href="http://viewer.zmags.com/publication/1b1ce1a8?page=72"> Directors' remuneration report Single total figu</a> <a title="NHBC Annual report and accounts 2016-17 page 73" href="http://viewer.zmags.com/publication/1b1ce1a8?page=73"> Additional disclosures in respect of the single t</a> <a title="NHBC Annual report and accounts 2016-17 page 74" href="http://viewer.zmags.com/publication/1b1ce1a8?page=74"> Directors' remuneration report Pension Executiv</a> <a title="NHBC Annual report and accounts 2016-17 page 75" href="http://viewer.zmags.com/publication/1b1ce1a8?page=75"> External board appointments The company recognise</a> <a title="NHBC Annual report and accounts 2016-17 page 76" href="http://viewer.zmags.com/publication/1b1ce1a8?page=76"> Stuart Payne Construction Director, Redrow Homes </a> <a title="NHBC Annual report and accounts 2016-17 page 77" href="http://viewer.zmags.com/publication/1b1ce1a8?page=77"> UK GAAP financial statements New Meado</a> <a title="NHBC Annual report and accounts 2016-17 page 78" href="http://viewer.zmags.com/publication/1b1ce1a8?page=78"> UK GAAP financial statements Independent auditor</a> <a title="NHBC Annual report and accounts 2016-17 page 79" href="http://viewer.zmags.com/publication/1b1ce1a8?page=79"> Independent auditor's report to the members of th</a> <a title="NHBC Annual report and accounts 2016-17 page 80" href="http://viewer.zmags.com/publication/1b1ce1a8?page=80"> UK GAAP financial statements Consolidated state</a> <a title="NHBC Annual report and accounts 2016-17 page 81" href="http://viewer.zmags.com/publication/1b1ce1a8?page=81"> Consolidated statement of comprehensive income fo</a> <a title="NHBC Annual report and accounts 2016-17 page 82" href="http://viewer.zmags.com/publication/1b1ce1a8?page=82"> UK GAAP financial statements Consolidated state</a> <a title="NHBC Annual report and accounts 2016-17 page 83" href="http://viewer.zmags.com/publication/1b1ce1a8?page=83"> Consolidated statement of financial position as at</a> <a title="NHBC Annual report and accounts 2016-17 page 84" href="http://viewer.zmags.com/publication/1b1ce1a8?page=84"> UK GAAP financial statements Company statement </a> <a title="NHBC Annual report and accounts 2016-17 page 85" href="http://viewer.zmags.com/publication/1b1ce1a8?page=85"> Company statement of financial position as at 31 M</a> <a title="NHBC Annual report and accounts 2016-17 page 86" href="http://viewer.zmags.com/publication/1b1ce1a8?page=86"> UK GAAP financial statements Consolidated statem</a> <a title="NHBC Annual report and accounts 2016-17 page 87" href="http://viewer.zmags.com/publication/1b1ce1a8?page=87"> Consolidated statement of cash flows for the year </a> <a title="NHBC Annual report and accounts 2016-17 page 88" href="http://viewer.zmags.com/publication/1b1ce1a8?page=88"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 89" href="http://viewer.zmags.com/publication/1b1ce1a8?page=89"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 90" href="http://viewer.zmags.com/publication/1b1ce1a8?page=90"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 91" href="http://viewer.zmags.com/publication/1b1ce1a8?page=91"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 92" href="http://viewer.zmags.com/publication/1b1ce1a8?page=92"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 93" href="http://viewer.zmags.com/publication/1b1ce1a8?page=93"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 94" href="http://viewer.zmags.com/publication/1b1ce1a8?page=94"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 95" href="http://viewer.zmags.com/publication/1b1ce1a8?page=95"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 96" href="http://viewer.zmags.com/publication/1b1ce1a8?page=96"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 97" href="http://viewer.zmags.com/publication/1b1ce1a8?page=97"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 98" href="http://viewer.zmags.com/publication/1b1ce1a8?page=98"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 99" href="http://viewer.zmags.com/publication/1b1ce1a8?page=99"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 100" href="http://viewer.zmags.com/publication/1b1ce1a8?page=100"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 101" href="http://viewer.zmags.com/publication/1b1ce1a8?page=101"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 102" href="http://viewer.zmags.com/publication/1b1ce1a8?page=102"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 103" href="http://viewer.zmags.com/publication/1b1ce1a8?page=103"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 104" href="http://viewer.zmags.com/publication/1b1ce1a8?page=104"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 105" href="http://viewer.zmags.com/publication/1b1ce1a8?page=105"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 106" href="http://viewer.zmags.com/publication/1b1ce1a8?page=106"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 107" href="http://viewer.zmags.com/publication/1b1ce1a8?page=107"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 108" href="http://viewer.zmags.com/publication/1b1ce1a8?page=108"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 109" href="http://viewer.zmags.com/publication/1b1ce1a8?page=109"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 110" href="http://viewer.zmags.com/publication/1b1ce1a8?page=110"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 111" href="http://viewer.zmags.com/publication/1b1ce1a8?page=111"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 112" href="http://viewer.zmags.com/publication/1b1ce1a8?page=112"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 113" href="http://viewer.zmags.com/publication/1b1ce1a8?page=113"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 114" href="http://viewer.zmags.com/publication/1b1ce1a8?page=114"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 115" href="http://viewer.zmags.com/publication/1b1ce1a8?page=115"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 116" href="http://viewer.zmags.com/publication/1b1ce1a8?page=116"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 117" href="http://viewer.zmags.com/publication/1b1ce1a8?page=117"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 118" href="http://viewer.zmags.com/publication/1b1ce1a8?page=118"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 119" href="http://viewer.zmags.com/publication/1b1ce1a8?page=119"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 120" href="http://viewer.zmags.com/publication/1b1ce1a8?page=120"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 121" href="http://viewer.zmags.com/publication/1b1ce1a8?page=121"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 122" href="http://viewer.zmags.com/publication/1b1ce1a8?page=122"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 123" href="http://viewer.zmags.com/publication/1b1ce1a8?page=123"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 124" href="http://viewer.zmags.com/publication/1b1ce1a8?page=124"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 125" href="http://viewer.zmags.com/publication/1b1ce1a8?page=125"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 126" href="http://viewer.zmags.com/publication/1b1ce1a8?page=126"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 127" href="http://viewer.zmags.com/publication/1b1ce1a8?page=127"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 128" href="http://viewer.zmags.com/publication/1b1ce1a8?page=128"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 129" href="http://viewer.zmags.com/publication/1b1ce1a8?page=129"> Notes to the financial statements for the year end</a> <a title="NHBC Annual report and accounts 2016-17 page 130" href="http://viewer.zmags.com/publication/1b1ce1a8?page=130"> UK GAAP financial statements Notes to the financ</a> <a title="NHBC Annual report and accounts 2016-17 page 131" href="http://viewer.zmags.com/publication/1b1ce1a8?page=131"> Kevin Jones Director for South Wales Region, Redr</a> <a title="NHBC Annual report and accounts 2016-17 page 132" href="http://viewer.zmags.com/publication/1b1ce1a8?page=132"> NHBC is authorised by the Prudential Regulation A</a>