Treasury makes SMCR extension Regulations

Treasury has made the Regulations extending the SMCR to insurers. The Regulations bring into force certain provisions of the Bank of England and Financial Services Act 2016 from 13 September to enable the making of the measures necessary to apply the SMCR to insurers from 10 December 2018. There are also transitional provisions delaying the application of some requirements to 10 December 2019.

The Regulations also provide for insurers to prepare statements of responsibilities for relevant individuals.