The PRA and FCA have jointly published Policy Statement PRA 5/16 FCA 16/5: Strengthening accountability in banking and insurance: Implementation of SM&CR and SIMR; and PRA requirements on regulatory references (PS5/16).
PS5/16 contains certain final rules regarding the Senior Managers’ Insurance Regime including those relating to the application of the regime to Swiss general insurers. It also contains PRA rules to implement a set of proposals for the provision of regulatory references, by current or former employers, in respect of individuals applying for certain roles at deposit takers, insurers and PRA designated investment firms. These proposals were set out in a joint PRA and FCA consultation paper published in October 2015 (Consultation Paper PRA 36/15 FCA 15/31: Strengthening accountability in banking and insurance: regulatory references (CP36/15)).
The new rules come into force on 7 March 2016.