HM Treasury has published its response to its November 2014 consultation on regulating individual conduct in UK branches of foreign banks.
The response notes that although respondents raised a number of concerns, they generally accepted that the senior managers’ and certification regimes (SM&CR) should apply to UK branches of foreign banks.
The SM&CR will come into force for all firms, including UK branches of foreign banks, on 7 March 2016. All firms will have until 8 February 2016 to notify the PRA and FCA of the names of the persons who are approved as senior managers under SM&CR.
In March 2015, the FCA intends to publish a roadmap leading up to 7 March 2016 which will include its timetable for publishing the final rules.
View FCA statement: Strengthening accountability in banking, 3 March 2015