Update 12 May 2017
SS28/15 was updated alongside the publication of PS12/17 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’. This version of SS28/15 supersedes the update issued on 28 September 2016.
Note: This document will be updated periodically as the accountability regimes continue to develop, including to reflect provisions in the Bank of England and Financial Services Act. To ensure you have the current version of the document at any given point, please refer to Strengthening accountability - Policy development for any updates. Updates will also be noted in the PRA Regulatory Digest. The webpages hosting the documents will also be updated, as will the documents themselves to refer readers to the updated versions.
Update 28 September 2016
SS28/15 was updated alongside the publication of PS27/16 ‘Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II)’. This version of SS28/15 supersedes the update issued on 6 January 2016. Please note, SS28/15 is being consulted on as part of CP34/16 ‘Strengthening accountability in banking and insurance: amendments and optimisations’, published on Wednesday 28 September 2016.
Update 6 January 2016
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.
Update 16 December 2015
Published on 7 July 2015
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:
- 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.