On 9 May 2023, the Prudential Regulation Authority (PRA) published Policy Statement PS4/23: Moving Senior Managers Regime forms from the PRA Rulebook. PS4/23 provides feedback to responses to Consultation Paper CP2/23 and contains the PRA’s final policy on its proposed changes to the Senior Managers Regime (SMR) forms.
In CP2/23, the PRA proposed to:
- Amend the Senior Managers Regime – Applications and Notifications parts of the PRA Rulebook, to remove links to Senior Managers and Certification Regime (SM&CR) forms A (long form), A (shortened form), B, E, I, J, and the statement of responsibilities.
- Amend the length of employment history required in the form A (long form) from five years to 10 years.
Responses and final policy
The majority of responses agreed with the PRA’s proposals, however, some respondents raised concerns, observations and requests for further clarification.
Having considered the responses, the PRA has decided to implement the changes as proposed in CP2/23.
The rules will take effect on 11 May 2023. The SM&CR form A (long form) will be updated to increase the length of employment history in due course and simultaneously with the update of the Connect system.