United Kingdom

Topic: Senior Managers

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New briefing note: Proposals announced to change the Senior Managers’ and Certification Regimes

We have published a new briefing note which looks at some of the changes brought about to the Senior Managers’ and Certification Regimes by the Bank of England and Financial Services Bill. Specifically, the briefing note looks at: extension of the regime; removal of the presumption of responsibility and the reversal of the burden of … Continue Reading

FCA statement following HMT announcement of changes to the Senior Managers’ Regime

The FCA has published a short statement following the HM Treasury announcement that it plans to make changes to the Senior Managers’ and Certification Regime, which was introduced by the Financial Services (Banking Reform) Act 2013. Tracey McDermott, acting chief executive of the FCA, said: “Extending the Senior Managers’ and Certification Regime is an important … Continue Reading

Extending the Senior Managers’ Regime to all FSMA authorised persons

HM Treasury has published a policy paper entitled Senior Managers’ and Certification Regime: extension to all FSMA authorised persons. In the policy paper the UK Government proposes to extend the senior managers regime, certification regime and new conduct rules to all authorised financial services firms including mortgage brokers and consumer credit firms. Chapter 4 of … Continue Reading

PRA and FCA consult on changes to forms for Senior Managers’ Regime

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 … Continue Reading

Joint FCA and PRA Consultation Paper on applying senior managers’ and certification regimes to UK branches of foreign banks

On 3 March 2015, HM Treasury announced that it would apply the senior managers’ and certification regimes to all firms, including to UK branches of foreign banks. The FCA and PRA have now published a joint Consultation Paper 15/10: Strengthening accountability in banking: UK branches of foreign banks (CP15/10). In CP15/10 the PRA and FCA … Continue Reading

FCA issues Feedback Statement and additional Consultation Paper on senior managers’ and certification regimes

In July 2014, the FCA and PRA published a joint consultation paper that aimed to improve individual responsibility and accountability in the banking sector. The proposals were designed to create a new approval regime for the most senior individuals whose behaviour and decisions have the potential to cause a bank to fail or to cause … Continue Reading

HM Treasury publishes response to consultation on regulating individual conduct in UK branches of foreign banks and announces start date for senior managers and certification regimes

HM Treasury has published its response to its November 2014 consultation on regulating individual conduct in UK branches of foreign banks. The response notes that although respondents raised a number of concerns, they generally accepted that the senior managers’ and certification regimes (SM&CR) should apply to UK branches of foreign banks.… Continue Reading

FCA sets out approach to non-executive directors and the senior managers regime

The FCA has published Consultation Paper 15/5: Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to senior managers in banking firms (CP15/5). In CP15/5 the PRA and FCA set out their revised approach to independent non-executive directors (NEDs) in UK banks, building societies, credit unions and … Continue Reading

Consultation launched on extending the senior managers’ regime and certification regime

The Financial Services (Banking Reform) Act 2013 (the Act) created a legal framework for the senior managers’ regime and certification regime in the UK banking sector. The Act also gave HM Treasury the power to extend the reforms to cover UK branches of third country banks and certain third country investment firms by statutory instrument … Continue Reading

HM Treasury to consult on extending senior managers and certification regime to UK branches of foreign banks

HM Treasury has published a letter sent by George Osborne, Chancellor of the Exchequer, to Dr Mark Carney, Bank of England Governor, and a letter sent by Mr Osborne to John Griffith-Jones, FCA Chairman. The letters relate to HM Treasury’s proposal to extend the senior managers and certification regime (SM&CR) to UK branches of foreign … Continue Reading
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