The implementation of the Senior Managers and Senior Insurance Managers regimes occurs on 7 March. The PRA has updated its webpage on these regimes noting that if a firm:

  • has submitted its grandfathering notification, received an automated response confirming receipt of their submission, and have not heard more from the FCA and/or the PRA this means that the information is being processed. The regulators will only contact the firm if there are questions regarding the submission;
  • has been contacted to resubmit their grandfathering notification and has not addressed all the queries and made a successful resubmission, they are to do so as soon as possible to ensure that they are grandfathered; and
  • has not submitted their grandfathering notification they should do so as soon as possible.

The PRA notes that if a firm does not successfully transfer current controlled functions under the approved persons regime to senior manager or senior insurance manager functions, existing approvals for these persons will lapse.

As 6 March 2016 is a Sunday the PRA states that the last working day for submission is Friday, 4 March 2016.

View PRA updates SMR and SIMR webpage, 29 February 2016