Amendments to various forms

Policy Statement 30/15 | Consultation Paper 35/15

Published on 16 December 2015

Amendments to Various Forms – PS30/15

In September 2015 the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) consulted on proposed amendments to a series of forms used by firms and individuals when seeking regulatory approval for certain roles and transactions. The proposed amendments were set out in PRA CP35/15 ‘Amendments to various forms’.

This policy statement summarises the feedback received during the consultation and confirms the final policy and forms. The PRA also confirms in this policy statement the forms applicable to insurance firms outside the scope of Solvency II, following the publication of its final policy and forms on 20 November in PS26/15.

This PS is relevant to all PRA and FCA-authorised firms and individual candidates for approval as Approved Persons, Key Function Holders, Credit Union non-executive directors and notified non-executive directors.

Readers may also find it useful to refer to the FCA’s website, in particular the FCA’s policy statement PS32/15.

PDFPolicy Statement 30/15

Please note that PS30/15 runs to 462 pages:

  • the policy statement runs from pages 1-12; and
  • the legal instrument and forms run from pages 13-462 

Published on 18 September 2015

Amendments to various forms - CP35/15

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), together ‘the regulators’, are introducing a new accountability regime for deposit-takers, insurers and PRA-designated investment firms. 

As part of implementing the new regime, the regulators have consulted on amendments to a series of forms used by firms and individuals relating to regulatory approval for certain roles. During this exercise, the regulators received feedback regarding the necessity of some of the questions asked in these forms.

Reflecting on that feedback, this paper sets out proposed amendments to two forms for the new regime and also to two forms used in the current Approved Persons Regimes. These changes alter the questions to ensure the regulators only require necessary disclosures from regulated firms, while ensuring the regulators remain able to properly assess the fitness and propriety of those we are required to approve.

CP35/15 also includes shared forms made under the regulators’ powers of direction under the Financial Services and Markets Act. The regulators have also today amended these forms with immediate effect. This paper will be of interest to all FCA and PRA-authorised firms and individual candidates for approval as approved persons, notified non-executive directors and key function holders.

Summary of proposals

A substantial majority of the forms containing questions relating to fitness and propriety are shared forms made under the regulators’ powers of direction under FSMA. Where forms are made under such powers, there is no statutory duty on the regulators to consult when changing them. The regulators have today amended those forms with immediate effect. Appendix 1 contains the forms amended with immediate effect under powers of direction.

In practice many firms access these forms online. Accordingly, the regulators have also changed the online versions. These changes may take a few days to take effect in the system.

There are also two shared forms, and a PRA-only form, made under rulemaking powers that contain questions that mirror the questions in the forms amended today. Where forms are made under rulemaking powers, there is a statutory requirement on the regulators to consult on any proposed changes to them. The forms are as follows:

  • Form D is a shared form used by firms to notify the regulators of any changes in circumstances for approved persons.
  • Form F is a shared form and relates to overseas firms.
  • Form M is a PRA-only form that applies from 7 March 2016 and relates to the appointment of Non-Executive Directors and Key Function Holders.

The regulators believe the proposed changes to these forms are straightforward and so are consulting for a period of one month. The regulators will also review the directions made today in light of the responses to this consultation.

Appendix 2 contains the proposed changes to Forms D, F and M.

Responses

This consultation closed on Monday 19 October 2015.


Appendices

Appendix 1: Forms amended with immediate effect under powers of direction

Overview

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), together ‘the regulators’, are introducing a new accountability regime for deposit-takers, insurers and PRA-designated investment firms.

As part of implementing the new regime, the regulators have consulted on amendments to a series of forms used by firms and individuals relating to regulatory approval for certain roles. During this exercise, the regulators received feedback regarding the necessity of some of the questions asked in these forms.

Reflecting on that feedback, on Friday 18 September, the regulators issued a consultation paper (PRA CP35/15 – see related link) sets out proposed amendments to two forms for the new regime and to two forms used in the current Approved Persons Regimes. These changes alter the questions to ensure the regulators only require necessary disclosures from regulated firms, while ensuring the regulators remain able to properly assess the fitness and propriety of those we are required to approve.

CP35/15 also includes shared forms made under the regulators’ powers of direction under the Financial Services and Markets Act. The regulators have also today amended these forms with immediate effect. Please see CP35/15 for further information.

Appendix 1 of CP35/15 contains the forms amended with immediate effect under powers of direction.

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Appendix 2: Draft Handbook text and PRA Rulebook text – proposed changes to forms made under rulemaking powers 

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