The PRA and FCA have issued a joint consultation paper on amendments to a number of forms relating to the new Senior Managers’ Regime (SMR), Senior Insurance Managers’ Regime and other forms used in the current approved persons regime.

The proposed changes to the forms alter the questions to ensure the regulators only require necessary disclosures from regulated firms, while ensuring the regulators remain able to properly assess the fitness and propriety of those they are required to approve.

There are two shared forms, and a PRA-only form, made under the regulators’ rule making powers. Where forms are made under rulemaking powers, there is a statutory requirement on the regulators to consult on any proposed changes to them. The forms are:

  • Form D, a shared form used by firms to notify the regulators of any changes in circumstances for approved persons;
  • Form F, a shared form that relates to overseas firms; and
  • Form M, a PRA-only form that applies from 7 March 2016 and relates to the appointment of non-executive directors and key function holders.

The deadline for comments to the consultation paper is 19 October 2016.

The consultation paper also includes shared forms made under the regulators’ power of direction under the Financial Services and Markets Act 2000. The PRA and FCA have amended these forms with immediate effect. Appendix 1 of the consultation paper contains the forms amended with immediate effect under the powers of direction.

View Amendments to various forms – CP35/15 / CP15/29, 18 September 2015