On 13 July 2020, the PRA issued Consultation Paper 7/20 ‘Strengthening Accountability: SM&CR Forms update’ (CP7/20). In CP7/20 the PRA proposes minor amendments to the PRA Rulebook, the Notifications Form and the Senior Manager & Certification Regime (SM&CR) Form L. The proposals would result in changes to the Notifications Part of the PRA Rulebook (Appendix 1), the Notification Form (Appendix 2) and the SM&CR Form L (Appendix 3).
The PRA proposes to:
- Amend the Notification Form to reflect the new FCA address following their move to new premises and the new FCA logo.
- Make minor consequential amendments to the Notification Form. These are deleting an incorrect reference to the PRA as a limited company, updating references to the PRA Rulebook, and updating the General Data Protection Regulation notification.
- Update SM&CR Form L to reinstate question 3.05, which requests firms making a notification to provide details of any disciplinary action taken. This question was erroneously deleted when Form L was updated as part of the extension of SM&CR to insurers in December 2018.
The deadline for comments on CP7/20 is 13 October 2020.
