Tag Archives: SMR
Regulators update on SMCR
FCA is consulting on how firms and individuals will manage the transition to the extended SMCR. Its key proposal is to grandfather persons from the existing approved persons regime, so that firms can focus on embedding the cultural changes required rather than filling in forms. FCA also seeks views on whether to extend the duty […]
FCA speaks on SMR extension
Jonathan Davidson has spoken on culture and conduct in the context of FCA’s proposals to extend the SMR. Key points of his speech included: that business models often create commercial incentives for behaviours that lead to poor consumer outcomes, and FCA tries to understand how business models evolve to anticipate risks so it can use […]
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 […]
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 […]
pra publishes march regulatory digest
The March Regulatory Digest has been published by the PRA. Top news covered this month: insurance supervision at the PRA – speech by Sam Woods and report by the Independent Evaluation Office (IEO) consultation on its regulated fees and levies rates proposals for 2017/18 reminds firms that requirements related to two aspects of the strengthening accountability regime […]
FCA heralds SMR 1 year on
FCA has noted the anniversary of the SMR taking effect, as the rules on regulatory references now come into force. Firms also had to have issued certificates for all staff who fall within the certification regime, and the Conduct Rules now apply to all staff except those in purely ancillary functions. FCA is in principle […]
FCA publishes Regulation Round-up
FCA’s latest “Regulation Round up” focuses on: some big issues FCA plans to address in 2017, such as the progress of the FAMR, the extension of the SMR and the closure of lending reviews; the interim report on the Asset Management Market Study, reminding that the consultation period for responding on the remedies FCA proposed […]
PRA and FCA final rules on regulatory references
Following a period of joint consultation, the PRA and FCA have recently published policy statements setting out the final rules on regulatory references. The final rules will come into force on 7 March 2017 and will apply to banks and insurers. The final rules on regulatory references follow on from the Senior Managers and Certification […]