Senior Managers Regime Adopts Effect within the Uk
On March 7, the Senior Managers Regime (SMR) entered effect for United kingdom-based banks and insurers, replacing the present United kingdom-approved person rules for those senior managers within scope at relevant firms. Other firms controlled through the Financial Conduct Authority (FCA) is going to be introduced into scope in 2018.
To exhibit their dedication to the SMR entering effect, the FCA, the Prudential Regulation Authority (PRA) and also the Payment Systems Regulator (PSR) have each applied the main concepts from the SMR to their personal senior staff.
For more info on the SMR and also the Certification Regime, begin to see the Corporate & Financial Weekly Digest edition of The month of january 29 and also the edition of October 30, 2015.
Information on the FCA’s use of the SMR are available here.
Information on the PRA’s use of the SMR are available here.
Information on the PSR’s use of the SMR are available here.