Extension of SM&CR to insurers: PRA consults on implementation

The PRA is consulting on proposed changes to its Rulebook, to provide for:

  • a technical correction to the Solvency II firms: Insurance General Application Part; and
  • consequential changes and minor administrative amendments relating to the extension of the SM&CR to insurers.

The proposed amendments include the application of an ‘overlap’ rule for individuals with ‘FCA responsibilities’, and transitional arrangements for the widening of scope of the application of regulatory reference requirements.

The consultation closes on 1 October 2018, and it is intended that the rule changes will apply from 10 December 2018.