The PRA approach documents set out how the PRA carries out its role in practice. They are designed to help regulated firms and the market understand how the PRA supervises these institutions, and to aid accountability to the public and Parliament.
Please note: Paragraph 54 of the 2018 version of the PRA’s approach to insurance supervision refers to the Senior Managers and Certification Regime (SM&CR). The SM&CR is being extended to insurers and comes into force on Monday 10 December 2018, replacing the Senior Insurance Managers Regime. The ‘duty of responsibility’ is part of the extension of SM&CR to insurers and will apply from 10 December. Until that date please read ‘SM&CR’ as ‘Senior Insurance Managers Regime’ and ‘SMF’ as ‘Senior Insurance Management Function’.
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