Category S(I)MR & Governance

PRA consults on SMR/SIMR changes

PRA has published a consultation paper proposing changes to both the SMR and SIMR, but focuses predominantly on the SIMR, introducing what PRA describes as “optimisations”. The proposed changes will apply to all Solvency II insurance firms and to large NDFs, and are designed to bring the SIMR more closely into line with the SMR. They include: creating […]

BoE speaks on operational resilience

Charlotte Gerken has spoken of the BoE’s approach to operational resilience. She focussed on how it is developing its approach in co-operation with firms and other regulators. BoE’s aim is to improve the ability of the financial services sector to absorb the impact of an unexpected event while continuing to perform its key activities.  Part […]

ABI speaks on UK insurance industry

The ABI has spoken on the opportunities regulation can offer for the industry, which are getting wider – for example, willingness of the industry to see the competition regulator becoming involved in their markets.  A key transformational project has been Flood Re and it has helped insurers to work with the Government. Key current points, in […]

PRA updates policy statements on accountability regimes

Following feedback received on Consultation Paper 34/16, PRA has published its policy statement on strengthening individual accountability in banking and insurance: amendments and optimisations. The updates in the policy statement include: the final rules amending the Senior Managers and Certification and Senior Insurance Managers Regime; updates to Supervisory Statement 28/15 Strengthening individual accountability in banking and […]

Up next from FCA

FCA’s latest Policy Development Newsletter promises only a policy statement on enhancing COB rules for firms providing CFDs to retail clients following before the end of June. Many other papers are due later in the year, or with a publication date to be confirmed.  Strangely (in the version published on 5 May), there is no […]

FCA updates on duty of responsibility

FCA has published guidance in DEPP on how it will enforce the duty of responsibility.  The guidance is already in force, applying from 3 May. It applies to UK banks, building societies, credit unions, PRA-designated investment firms, and incoming branches of overseas firms, and their Senior Managers. A new rule explains when FCA can take […]

FCA makes whistleblowing rules for foreign bank branches

FCA has made its final rules on whistleblowing requirements for UK branches of foreign banks.  The rules cover UK branches of both EEA and third-country banks and require them to implement whistleblowing rules by 7 September. FCA made only minor changes from its consultation version. Under the new rules, firms must tell their employees of […]

FCA makes CRD IV remuneration guidance

FCA has made its final rules and guidance on remuneration in CRD IV firms, which it has aligned to EBA guidelines. The changes take effect immediately, since the EBA guidelines came into force at the beginning of 2017. Firms should ensure they comply with the new standards for the 2017 performance year onwards.

FCA makes conduct rules for NEDs

FCA has made its new rules applying individual conduct rules to NEDs in the banking and insurance sectors. The new rules, which take effect on 3 July, apply the provisions of COCON to “standard” NEDs in the banking and insurance sectors. It has not made any changes to its proposals, but noted respondents’ requests to […]

PRA makes MiFID 2 rules and opens for notifications

PRA has published its policy statement with relevant supervisory statements and rule changes in relation to MiFID 2 implementation. The changes: introduce new PRA rules to implement the MiFID 2 requirements on the management body and organisational requirements; delete several rules that are now superseded by the directly applicable Level 2 Regulation on organisational issues […]