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:
- 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.