Strengthening accountability in banking and insurance: optimisations to the SIMR, and changes to SMR forms

Policy Statement 24/17 | Consultation Paper 8/17

Published on 3 October 2017

Strengthening individual accountability in banking: changes to SMR forms – PS24/17

This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Chapter 4 of Consultation Paper 8/17 ‘Strengthening accountability in banking and insurance: optimisations to the SIMR, and changes to SMR forms’ (CP8/17).  It includes amendments to a number of forms used in the Senior Managers Regime (SMR forms), which the PRA shares with the Financial Conduct Authority (FCA).

This PS is relevant to banks, building societies, credit unions, and PRA designated investment firms (collectively known as Relevant Authorised Persons (RAPs)).

In CP8/17 the PRA proposed a number of consequential amendments to SMR forms. The proposed amendments sought to implement optimisations to the SMR introduced in PS12/17 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’.

Appendix 1 links to the instrument amending the relevant SMR forms. Appendix 2 links to the final amended forms, which will be available on the PRA’s website from 12 November 2012.

PDFPolicy Statement 24/17

Appendices

  1. PRA RULEBOOK: CRR FIRMS, NON CRR FIRMS: SENIOR MANAGERS REGIME AMENDMENT INSTRUMENT (No.2) 2017)
  2. PDF Download PDF
  3. Revised SMR forms. These forms will come into effect from Sunday 12 November 2017. Until that point, firms should continue to use the current forms, available on the Senior Managers Regime – submitting, amending, withdrawing page: 

Published on 13 June 2017

Strengthening accountability in banking and insurance: optimisations to the SIMR, and changes to SMR forms - CP8/17

In this consultation paper (CP), the Prudential Regulation Authority (PRA) sets out proposed amendments and optimisations to the Senior Insurance Managers Regime (SIMR) (see Chapter 2). It also includes a proposal to strengthen governance through requiring insurers to take steps to encourage board diversity (see Chapter 3). This CP also proposes consequential amendments to the Senior Managers Regime (SMR) forms following Policy Statement (PS) 12/17 ‘Strengthening accountability in banking and insurance: amendments and optimisations’  (see Chapter 4).

Chapters 2 and 3 of this CP are relevant to all Solvency II insurance firms (ie UK Solvency II firms, the Society of Lloyd’s and Lloyd’s managing agents, and third country (re)insurance branches), and to large non-Directive firms (large NDFs).

Chapter 4 of this CP is relevant to banks, building societies, credit unions, and PRA designated investment firms (collectively known as Relevant Authorised Persons (RAPs)).

Responses and next steps

The consultation on the proposals in:

  • Chapters 2 and 3 closes on Friday 22 September 2017; and
  • Chapter 4 closes on Monday 14 August 2017. 

The PRA invites feedback on the proposals set out in this consultation.

The PRA intends to publish the final rules on the proposals in Chapters 2 and 3 in 2017 Q4 and proposes that rules would be implemented two months after their publication. The PRA intends to publish the final rules and forms for the proposals in Chapter 4 in 2017 Q3.

The CP including appendices runs to 262 pages. To be helpful to readers the PRA has attached a complete and split version below.

PDFConsultation Paper 8/17 complete version

PDFConsultation Paper 8/17 split version

Appendices

  1. Proposed new text to be included in SS35/15 ‘Strengthening individual accountability in insurance’ – included in split version above
  2. Draft instrument PRA RULEBOOK: SOLVENCY II FIRMS, NON-SOLVENCY II FIRMS: SENIOR INSURANCE MANAGERS REGIME (AMENDMENT) (NO.X) INSTRUMENT [DATE]
  3. PDFDownload PDF
  4. Draft instrument PRA RULEBOOK: CRR FIRMS, NON CRR FIRMS: SENIOR MANAGERS REGIME AMENDMENT (NO.Y) INSTRUMENT [DATE]
  5. PDFDownload PDF
  6. PRA RULEBOOK: CRR FIRMS, NON CRR FIRMS: SENIOR MANAGERS REGIME AMENDMENT INSTRUMENT (No.2) 2017)
  7. PDFDraft forms for the SIMR for insurers
  8. PDF Draft forms to the SM&CR for relevant authorised persons (RAPs) 
 
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