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Home > Prudential Regulation Authority > Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II) - PS27/16
 

Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II) - PS27/16

28 September 2016

​This Prudential Regulation Authority (PRA) policy statement (PS) provides feedback to those responses relating to the proposals on regulatory references in consultation paper (CP) 36/15 ‘Strengthening accountability in banking and insurance: regulatory references’ (see related links) that were not addressed in the first set of final policy in PS5/16 ‘Strengthening accountability in banking and insurance: Implementation of SM&CR and SIMR; and PRA requirements on regulatory references’.

This PS should be read in conjunction with Financial Conduct Authority (FCA) PS16/22 ‘Strengthening accountability in banking and insurance: regulatory references’ which contains the FCA’s equivalent final rules and guidance on regulatory references, as well as PRA PS5/16.

This PS includes:

  • final sets of new and revised PRA rules on regulatory references (Appendix 1 for Relevant Authorised Persons (RAPs), Appendix 2 for insurers);
  • a revised Regulatory Reference Template (Appendix 3); and
  • revisions to supervisory statements (SS) 28/15 ‘Strengthening individual accountability in banking’ and SS35/15 ‘Strengthening individual accountability in insurance’, setting out the PRA’s expectations of how full-scope regulatory reference firms should comply with the rules included in PS5/16 and this PS.

This PS is relevant to all PRA-authorised firms and candidates for roles in scope of the regulatory reference requirements (referred to as relevant functions in this PS).

On Wednesday 28 September the PRA issued several other publications on strengthening accountability, remuneration rules and whistleblowing, a list of which is available here.

Policy Statement

Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II) – PS27/16

Appendices

1. PRA RULEBOOK: CRR FIRMS: NON-CRR FIRMS: FITNESS AND PROPRIETY AMENDMENT INSTRUMENT 2016
2. PRA RULEBOOK: SOLVENCY II FIRMS, NON-SOLVENCY II FIRMS: SENIOR INSURANCE MANAGERS REGIME AMENDMENT INSTRUMENT 2016
3. Regulatory Reference Template 
4. Update to SS28/15 ‘Strengthening individual accountability in banking’
5. Update to SS35/15 ‘Strengthening individual accountability in insurance’

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