Approved persons: development of the new individual accountability regimes for banks and insurers | Practical Law

Approved persons: development of the new individual accountability regimes for banks and insurers | Practical Law

This note tracks developments relating to the requirements for the performance of regulated activities by individuals in Part 5 of the Financial Services and Markets Act 2000 (FSMA). In particular, it focuses on the consultation and rule-making process undertaken by the FCA and PRA to introduce the senior managers regime (SMR) and certification regime (CR) (together referred to as the SM&CR) for firms in the banking sector, and the senior insurance managers regime (SIMR) for insurers.

Approved persons: development of the new individual accountability regimes for banks and insurers

by Practical Law Financial Services
Law stated as at 07 Mar 2016 • United Kingdom
This note tracks developments relating to the requirements for the performance of regulated activities by individuals in Part 5 of the Financial Services and Markets Act 2000 (FSMA). In particular, it focuses on the consultation and rule-making process undertaken by the FCA and PRA to introduce the senior managers regime (SMR) and certification regime (CR) (together referred to as the SM&CR) for firms in the banking sector, and the senior insurance managers regime (SIMR) for insurers.
Please note that this practice note has been law stated as at 7 March 2016 and is no longer being updated. For an overview of the SMR, see Practice note, Hot topics: Senior managers regime (SMR) for banks and PRA-designated investment firms, and for an overview of the SIMR, see Practice note, Hot topics: Senior insurance managers regime (SIMR) for insurers.