Latest Strengthening accountability updates
10 December 2018: The Senior Managers and Certification Regime (SM&CR) has been extended to insurers. The extension is being introduced through the application of the Commencement regulations that have been published by HM Treasury for the relevant amendments to the Financial Services and Markets Act 2000 (FSMA) in the Bank of England and Financial Services Act 2016. To reflect the extension, all references to ‘Senior Insurance Managers Regime (SIMR)’ and ‘Senior Insurance Management Function (SIMF)’ have been amended to ‘Senior Managers and Certification Regime (SM&CR)’ and ‘Senior Management Function (SMF)’ respectively.
Updated forms to reflect the extension are available on the Senior Managers Regime: approvals page. We will be conducting checks on these forms to ensure accuracy by Tuesday 11 December.
For more details on the extension, please see PS15/18 ‘Strengthening individual accountability in insurance: Extension of the SM&CR to insurers’ and SS35/15 ‘Strengthening individual accountability in insurance’. The FCA has also updated its website to reflect the extension.
7 December 2018: Due to essential maintenance ahead of the extension of the SM&CR to insurers, the Financial Services Register will be unavailable from 17:00 Friday 7 December to 09:00 Monday 10 December. Please see the Financial Services Register for more information.
15 November 2018: In line with our recent Letter to Level One firms’ Chairs of the Remuneration Committees ‘Change to supervising remuneration compliance for Level One firms’, we have updated the language within the Level 1 RPS template and data tables. These are available under ‘Self-assessment templates and tables’.
9 November 2018: Ahead of the extension of the Senior Managers and Certification Regime (SM&CR) to insurers on Monday 10 December 2018, we published Policy Statement 27/18 ‘Strengthening accountability: Implementing the extension of the SM&CR to insurers (Part 2)’.
18 October 2018: Ahead of the extension of the SM&CR to insurers on Monday 10 December 2018, we published Policy Statement 26/18 ‘Strengthening accountability: Implementing the extension of the SM&CR to insurers’. Firms are also encouraged to see the note we published on ‘Redesignation of Senior Insurance Management Functions to Senior Management Functions, and the change-over to ‘Statements of responsibilities’ by insurers’.