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Home > Prudential Regulation Authority > Strengthening individual accountability in banking and insurance: amendments and optimisations – PS12/17
 

Strengthening individual accountability in banking and insurance: amendments and optimisations – PS12/17

12 May 2017

​This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 34/16 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’.  It also provides:

  • the final rules amending the Senior Managers and Certification Regime (SM&CR) (Appendix 1) and Senior Insurance Managers Regime (SIMR) (Appendix 2);
  • updates to Supervisory Statement  (SS) 28/15 ‘Strengthening individual accountability in banking’ (Appendix 3) and SS35/15 ‘Strengthening individual accountability in insurance’ (Appendix 4); and
  • the PRA Statement of Policy (SoP) ‘Conditions, time limits and variations of approval’ (Appendix 5); and
  • final versions of forms with some slight modifications, to be used for applications from Tuesday12 September 2017 (Appendix 6).

This PS is relevant to all PRA-regulated firms. However, at the time of publication, certain chapters or sections thereof may only be relevant to either:

  • banks, building societies, credit unions and PRA-designated investment firms (collectively referred to as Relevant Authorised Persons (‘RAPs’); and/or
  • Solvency II firms, the Society of Lloyd’s, managing agents; third country branch undertakings and Insurance Special Purpose Vehicles (ISPVs), large non-directive firms (NDFs) and/or small NDFs (collectively referred to as ‘insurers’).

The PRA received sixteen responses to CP34/16:

  • Chapter 2 of this PS summarises feedback on the proposals for implementing the amendments to the SM&CR and SIMR in the Bank of England and Financial Services Act 2016 (BoE Act)  and the PRA’s final policy.
  • Chapter 3 of this PS summarises feedback on the proposed optimisations to the SM&CR and the PRA’s final policy.
  • Chapter 4 of this PS summarises feedback on the PRA’s proposed optimisations to SIMR and the PRA’s final policy.
  • Chapter 5 sets out the various timelines for implementing the rules and expectations in this PS.

On 12 May 2017 the PRA issued several other publications on strengthening accountability.

Policy Statement

Strengthening individual accountability in banking and insurance: amendments and optimisations – PS12/17

Appendices

1. PRA RULEBOOK: CRR FIRMS: NON-CRR FIRMS: SENIOR MANAGERS REGIME AMENDMENT INSTRUMENT 2017
2. PRA RULEBOOK: SOLVENCY II FIRMS AND NON-SOLVENCY II FIRMS: SENIOR INSURANCE MANAGERS REGIME AMENDMENT (NO 2) INSTRUMENT
3. Update to SS28/15 ‘Strengthening individual accountability in banking’
4. Update to SS35/15 ‘Strengthening individual accountability in insurance’
5. Update to Statement of Policy ‘Conditions, time limits and variations of approval’
6. Updated forms effective from 12 September 2017 are available on the Senior Insurance Managers Regime - submitting, amending, withdrawing webpage.

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