General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
July 04, 2018

FCA published the policy statements PS18/14 and PS18/15 on extending the Senior Managers & Certification Regime (SM&CR) to FCA firms and insurers, respectively. PS18/14 summarizes the feedback received on consultation papers CP17/25 (Part 1) and CP17/40 (Part 2) and sets out the FCA response to this feedback. PS18/15 sets out the response to the feedback received on CP17/26 and CP17/41. Additionally, FCA published cost-benefit analysis related to PS18/14 and PS18/15, along with the guides on SM&CR for FCA solo-regulated firms and for insurers. FCA firms affected by the changes will move to the new regime on December 09, 2019, while insurers will move to the new regime on December 10, 2018.

PS18/14—FCA received 225 responses to the proposals in CP17/25 and 47 responses to the proposals in CP17/40. FCA made minor changes to the policy proposals as a result of the feedback. The legal instrument accompanying PS18/14 contains near‑final rules. Although the rules are near‑final in most respects, they may be amended by the subsequent Handbook changes—for example, those related to Brexit or SM&CR optimizations. However, the rules are not near‑final in respect of benchmark activities, an approach to which FCA will consult on separately. These rules are subject to commencement regulations to be made by HM Treasury.  

PS18/15—The Policy Statement sets out changes to how FCA regulates employees of insurance firms. The SM&CR replaces FCA’s revised APR and amends PRA’s Senior Insurance Managers Regime (SIMR), which currently apply to insurers. FCA received 21 responses to the proposals in CP17/26 and ten responses to the proposals in CP17/41, which includes responses from firms and trade associations. FCA will implement the proposals set out in CP17/26 and CP17/41, as proposed. The legal instrument accompanying PS18/15 contains near-final rules. Although the rules are near-final in most respects, they may be amended by the subsequent Handbook changes—for example, those related to Brexit or SM&CR optimizations. The rules are subject to commencement regulations to be made by HM Treasury. Chapter 9 of PS18/15 describes transitional arrangements for insurance firms. 

 

Related Links (PDF)

Effective Date: December 09, 2018 (Firms); December 10, 2018 (Insurers)

Keywords: Europe, UK, Banking, Insurance, Solvency II, SM&CR, SIMR, PS18/14, PS18/15, FCA

Related Insights
News

PRA Delays Final Direction on Reporting of Private Securitizations

PRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.

January 15, 2019 WebPage Regulatory News
News

BCBS Finalizes Market Risk Capital Framework and Work Program for 2019

BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.

January 14, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for January 2019

EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.

January 11, 2019 WebPage Regulatory News
News

PRA Proposes to Amend Supervisory Statement on Credit Risk Mitigation

PRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.

January 10, 2019 WebPage Regulatory News
News

FASB Issues Q&A on Estimating Credit Loss Reserves

FASB issued a question-and-answer (Q&A) document that addresses particular issues related to the weighted average remaining maturity (WARM) method for estimating the allowance for credit losses.

January 10, 2019 WebPage Regulatory News
News

FED Updates Reporting and Supplemental Instructions for Form FR Y-9C

FED published the updated reporting instructions and supplemental instructions for the FR Y-9C reporting form. The reporting frequency for FR Y-9C is quarterly, as of the last calendar day of the quarter.

January 09, 2019 WebPage Regulatory News
News

PRA Updates Policy on Liquidity Reporting Under FSA047/048 and PRA110

PRA published the policy statement PS1/19 that provides feedback to responses to the consultation paper CP22/18 titled "Liquidity reporting: FSA047 and FSA048" and the proposal in CP16/18, which intended to correct the level of consolidation of the PRA110 reporting requirements.

January 08, 2019 WebPage Regulatory News
News

FED Proposes to Amend Company-Run Stress Testing Requirements

FED proposed to modify company-run stress testing requirements to conform with the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

January 08, 2019 WebPage Regulatory News
News

ESMA RTS on Supervisory Cooperation Under Securitization Regulation

ESMA issued the final regulatory technical standards (RTS) for cooperation between competent authorities and ESAs under the Securitization Regulation (2017/2402).

January 08, 2019 WebPage Regulatory News
News

ESAs Publish Joint Report on Regulatory Sandboxes and Innovation Hubs

ESAs published a joint report providing a comparative analysis of the innovation facilitators (that is, regulatory sandboxes and innovation hubs) established to date within the EU.

January 07, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2461