Strengthening individual accountability in banking

Supervisory Statement 28/15

Update 4 July 2018

This SS has been updated to reflect changes in terminology as a result of the publication of Policy Statement 15/18 ‘Strengthening individual accountability in insurance: Extension of the Senior Managers and Certification Regime to insurers’.

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.

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.
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