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Ahead of the rollout of the extended Senior Managers and Certification Regime (SMCR) for insurers in December, the Prudential Regulation Authority (PRA) is seeking feedback on its proposed technical consequential changes to the rules, as well as minor administrative amendments.
The proposals involving the PRA Rulebook relate to the ‘current approved person approval’ status of those who will be in a ‘designated senior management function’ after the regime’s implementation date. The minor amendments, meanwhile, include the deletion of some references to the soon to be replaced Senior Insurance Managers Regime (SIMR).
The regulator said one of the proposed changes is aimed at ensuring that when companies are considering which form to complete in respect of an individual seeking approval for a PRA senior management function, an individual who had previously been approved, or deemed to be approved, by the Financial Conduct Authority (FCA) for a designated senior management function would have the same status as an individual who was previously approved by the FCA for a significant influence function.
“This consultation closes on Wednesday, October 17, 2018 so that final rules can be made in advance of implementation so as to give firms and industry participants certainty on the technical details of the regime prior to commencement on Monday, December 10, 2018,” read the consultation paper seen by Insurance Business.
Except for one minor administrative amendment that will apply from January 01 next year, the other rule changes are set to apply from the December date.
Those who wish to respond to the consultation may access the paper through the Bank of England’s website. Comments or enquiries should be addressed to [email protected].
