The FCA is focused on reducing non-financial misconduct to enhance the reputation of the UK financial services sector. Spurred on by positive levels of engagement with its 2021 discussion paper, the FCA’s latest consultation...more
On 30 March 2023, the FCA and PRA published a joint discussion paper which seeks views on the operational aspects of the Senior Managers and Certification Regime. Alongside this, HM Treasury also published a Call for Evidence...more
Yesterday’s joint Discussion Paper (DP21/2) published by the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA, together “the regulators”) on “Diversity and inclusion in the financial...more
The PRA’s supervisory statement on outsourcing arrangements and managing third party risk requires insurers to take action now, to ensure that outsourcing agreements which are currently being negotiated comply with the new...more
Following the large-scale changes and challenges faced by firms during the initial phase of COVID-19, firms are beginning to consider what their operating model will be in the next phase and over the longer-term. For...more
UK Regulators announce new measures after acknowledging firms affected by COVID-19 will need to keep their governance arrangements under review. On 3 April 2020, the FCA and the PRA released a statement announcing several...more
The UK Financial Conduct Authority and Prudential Regulation Authority have published statements setting out their expectations of dual-regulated and solo-regulated firms on their senior managers and certification regime...more
The Situation: The Financial Conduct Authority ("FCA") is extending the Senior Managers and Certification Regime ("SMCR") to FCA solo-regulated firms on 9 December 2019 and has also released a number of statements in relation...more
The UK regulatory Senior Managers and Certification Regime (SM&CR) came into force in March 2016 to replace the UK Financial Conduct Authority (FCA) Approved Persons Regime (APR) for firms that are subject to dual regulation...more
The Prudential Regulation Authority has published a "Dear CEO" letter sent to all PRA-regulated banks and investment firms (firms that are subject to the Capital Requirements Regulation) on the prudential supervision of money...more
Insurers, reinsurers and managing agents (which we will refer to in this article as “insurers”) will be fully within the scope of the Senior Managers and Certification Regime (“SMCR”) regime from 10 December 2019, following a...more
The Prudential Regulation Authority has announced that it has imposed financial penalties on two senior managers for failing to be open and cooperative about an enforcement action into the U.K. subsidiary of a Japanese bank...more
The U.K. Prudential Regulation Authority has published a "Dear Remuneration Committee Chair" letter that it has sent to Remuneration Committee Chairs of proportionality Level One firms (that is, banks, building societies and...more
The Financial Conduct Authority has published a consultation paper on proposed guidance on the Statement of Responsibilities (SoR) and Responsibilities Maps required under the Senior Managers and Certification regimes. The...more
The U.K. Financial Conduct Authority and Prudential Regulation Authority have published Policy Statements confirming the near-final and final rule changes they will apply to extend the application of the Senior Managers &...more
The U.K. Prudential Regulation Authority has published a "Dear CEO" letter, addressed to the Chief Executive Officers of banks, insurance companies and designated investment firms. The purpose of the letter is to remind firms...more
The FCA and the PRA have published their Policy Statements, setting out final rules on the SMCR regimes for insurers and FCA solo-regulated firms. Key Points: ..The FCA has announced that the extended SMCR will apply to...more
The Hogan Lovells’ Corporate Insurance Newsletter for February has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
The UK Financial Conduct Authority and Prudential Regulation Authority have issued further consultations on aspects of the extension of the Senior Managers and Certification Regime to all firms authorized under the Financial...more
3 October - The Prudential Regulator Authority (PRA) published a policy statement on strengthening accountability in banking and changes to senior managers regime (SMR) forms. The changes to the SMR forms will become live on...more
The Financial Conduct Authority has published a Policy Statement on applying conduct rules in the Code of Conduct sourcebook to non-executive directors in the banking and insurance sectors. In-scope NEDs are those who do not...more
NAVEX Global partnered with an independent research firm to survey compliance professionals from the UK Financial Services industry about their approach to whistleblowing and incident reporting. Our findings provide insight...more
The Senior Managers and Certification Regime (SMCR) is a regime which governs the appointment and conduct of senior and key personnel at impacted firms. For banks, building societies and PRA-authorised investment firms, the...more