Strengthening individual accountability in banking

Supervisory Statement 28/15

Update 24 February 2020

This SS was updated following publication of Policy Statement (PS) 3/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapters 2 and 3’. This version takes effect from Monday 24 February 2020, and is available under ‘current version’ in the timeline below. 

This SS 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;
  • Certification Regime;
  • assessment of fitness and propriety;
  • Conduct Rules; and
  • regulatory references.

Current version

Published: 24 February 2020

Updated following PS3/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapters 2 and 3’.

Effective from: 24 February 2020. 

Past versions

Published: 27 September 2019

Updated following PS20/19 ‘Strengthening individual accountability: Resolution assessments and reporting amendments’

Effective from: 9 December 2019

Published: 4 July 2018

Updated following PS15/18 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations

Effective from: 10 December 2018 (superseded on 9 December 2019 by September 2019 version)

Published: 12 May 2017

Updated following PS12/17 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations'.

Effective from: 12 May 2017 (superseded on 10 December 2018 by July 2018 version)

Published: 28 September 2016

Updated alongside the publication of PS27/16 ‘Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II)’.

Effective from: 28 September 2016 (superseded on 12 May 2017 by May 2017 version)

Published: 6 January 2016

Updated alongside the publication of CP1/16 ‘Strengthening individual accountability in banking: amendments to notification rules and forms’.

Effective from: 6 January 2016 (superseded on 28 September 2016 by September 2016 version)

Published: 16 December 2015

Updated following PS29/15 ‘Strengthening accountability in banking: UK branches of foreign banks’.

Effective from: 16 December 2015 (superseded on 6 January 2016 by January 2016 version)

Published: 7 July 2015

Initial publication following PS16/15 ‘Strengthening individual accountability in banking: responses to CP14/14, CP28/14 and CP7/15’.

Effective from: 7 July 2015 (superseded on 16 December 2015 by December 2015 version)

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