The new failure to prevent fraud offence is due to come into force during 2025. In broad terms, in respect of the financial services community, it will mean that regulated firms of a certain size could be at risk in the event that fraud is committed for their benefit or the benefit of their clients
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