The recent Patisserie Valerie charges against four individuals provide a preview of the type of scenario in which companies could be investigated under the new failure to prevent fraud offence as well as the expanded test for corporate criminal liability. In this blog, we outline the charges brought by the SFO, provide an update
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.
Previous consultation
On 30 March 2023, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) jointly published Discussion Paper 1/23: Review of the Senior Managers and Certification Regime (DP23/3). DP23/3 follows the Government’s announcement in December 2022, as part of the Edinburgh Reforms, that HM Treasury, the FCA and
On 30 March 2023, HM Treasury published a Call for Evidence (CfE) on the Senior Managers and Certification Regime (SMCR). The CfE follows the Government’s announcement in December 2022, as part of the Edinburgh Reforms, that HM Treasury, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (
As part of the Edinburgh Reforms the Chancellor of the Exchequer issued a Ministerial Statement which announced that the Government would launch a review of the Senior Managers and Certification Regime (SMCR) in Q1 2023. The SMCR was introduced by The Financial Services (Banking Reform) Act 2013 (which amended the Financial Services and
On 16 August 2022, the Financial Conduct Authority (FCA) published a statement on the Investment Firm Prudential Regime (IFPR) and eligibility for enhanced Senior Managers and Certification Regime (SM&CR) status as a Significant SYSC firm.
The statement provides that, since the FCA provided a new definition of ‘significant SYSC
On 7 June 2022, HM Treasury published the consultation response to its earlier consultation on a senior managers and certification regime (SM&CR) for financial market infrastructures (FMIs).
Key points in the consultation response include:
On 1 June 2022, the PRA amended its web page on strengthening accountability by updating the self-assessment templates and tables section by inserting RPS templates which have since been updated to reflect changes made to the remuneration part of the PRA rule-book following Policy Statement 28/21: Remuneration: identification of material risk takers.
On 16 December 2021, the Bank of England (BoE) updated its Strengthening Accountability webpage by stating that it has now published an inventory of senior manager responsibilities. The BoE state that this document responds to the feedback in the ‘Evaluation of the Senior Managers and Certification Regime’ report that it would be useful
On 30 September 2021, the FCA published a Dear CEO letter (dated 16 September 2021) which it had sent to firms active in the wealth management and stockbroking sector. The Dear CEO letter follows up on the FCA’s earlier strategy letter published in June 2019 and provides an update on the regulator’s view of the