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Home > Prudential Regulation Authority > Strengthening individual accountability in banking – SS28/15 UPDATE
 

Strengthening individual accountability in banking – SS28/15 UPDATE

06 January 2016

​Update 6 January: SS28/15 was updated alongside the publication of CP1/16 ‘Strengthening individual accountability in banking: amendments to notification rules and forms’. This version of SS28/15 supersedes the update issued on 16 December 2015.

Overview

This supervisory statement sets out the Prudential Regulation Authority’s (PRA’s) approach to strengthening individual accountability in banking. It applies to all Relevant Authorised Persons (Relevant Firms) as defined in section 71A of the Financial Services and Markets Act 2000 (FSMA) namely:

  • banks;
  • building societies;
  • credit unions; and
  • PRA designated investment firms.

The statement seeks to advance the PRA’s statutory objective of ensuring the safety and soundness of the firms it regulates by setting out the PRA’s expectations of how Relevant Firms should comply with the regulatory framework of the:

  • Senior Managers Regime (SMR);
  • Certification Regime;
  • assessment of fitness and propriety; and
  • Conduct Rules.

Supervisory Statement

Strengthening individual accountability in banking – SS28/15 UPDATE

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