On 12 May 2017, the PRA published PS12/17 “Strengthening individual accountability in banking and insurance: amendments and optimisations (and associated materials)”, which provides feedback to responses to Consultation Paper 34/16.
It also provides:
- final rules amending the Senior Managers and Certification Regime (“SM&CR”) (Appendix 1) and Senior Insurance Managers Regime (“SIMR”) (Appendix 2);
- updates to Supervisory Statement (“SS”) 28/15 “Strengthening individual accountability in banking” (Appendix 3) and SS35/15 “Strengthening individual accountability in insurance” (Appendix 4);
- PRA Statement of Policy (“SoP”) “Conditions, time limits and variations of approval” (Appendix 5); and
- final versions of forms with some slight modifications, to be used for applications from Tuesday, 12 September 2017 (Appendix 6).
Next steps for the SIMR include:
- A further consultation paper on: (1) Head of Key Business Area SIMF for insurers (SIMF6); and (2) Chief Operations SIMF, and a corresponding new prescribed responsibility in relation to outsourced operational functions and activities (SIMF 24)
- Chapter 4 optimisations to the SIMR become effective: 12 Sept 2017
- Application of conduct rules to notified NEDs becomes effective: 3 July 2017