The PRA has published Policy Statement 3/15: Strengthening individual accountability in banking and insurance — responses to CP14/14 and CP26/14 (PS3/15).
In PS3/15, the PRA provides feedback to its July 2014 joint consultation paper with the FCA on the new senior managers’ and certification regimes and its November 2014 consultation paper on the new senior insurance managers regime, and issues the first set of final PRA rules to implement the regimes in the UK.
In relation to banking, Appendix 1 of PS3/15 contains:
- scope of the PRA’s senior managers’ regime;
- allocation of prescribed responsibilities to senior managers;
- scope of the PRA’s certification regime; and
- assessment of fitness and propriety of senior managers and certified employees.
These rules will come into force on 7 March 2016.
In relation to Solvency II insurance firms, Appendices 2 and 3 cover the:
- scope of the senior insurance managers’ regime;
- allocation of prescribed responsibilities;
- assessment of fitness and propriety of individuals by firms.