Update 27 September 2019
This SS has been updated as a result of the publication of Policy Statement 20/19 ‘Strengthening individual accountability: Resolution assessments and reporting amendments’. The updated SS will take effect from Monday 9 December 2019.
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.