PRA agrees time-limited SMF approval

PRA has agreed that an individual currently approved to the Chair role at four insurance entities within the Bank of Scotland/Lloyds Bank group (and an approved NED of the two banks pre-SMCR) may take on the SMF10 role in the two banks for a limited period to allow for appropriate transition planning.  The relevant firms have satisfied PRA that they have a strong conflicts management framework in place, and are subject to a direction to mitigate ring-fencing conflicts.  PRA has agreed that the additional SMF10 role may be carried on until 21 February 2021.