FCA published the final guidance (FG19/2), under Senior Managers and Certification Regime (SM&CR), to provide practical assistance and information to solo-regulated firms when preparing their Statements of Responsibilities (SoRs) and Responsibilities Maps. FCA also published summary of feedback received on the proposed guidance and has revised the proposed guidance following the feedback received. The consultation took place from October to December 2018.
FG19/2 is developed for FCA solo-regulated firms, subject to the SM&CR. FG19/2 aims to help all FCA firms clearly set out Senior Managers’ responsibilities through SoRs. Enhanced firms will also be able to use it to produce Responsibilities Maps, which show how their firm is managed and governed. The guidance builds on the information published in the SM&CR Guide for solo-regulated firms.
The guidance may also be of interest to the firms that are regulated by PRA (in addition to FCA) and are subject to the SM&CR. This is a general guidance, as defined in section 139B (5) of Financial Services and Markets Act, and is not binding. The guidance should be applied in a risk-based and proportionate way. This includes considering the size, nature, and complexity of the firm when deciding whether a certain example of good or poor practice is appropriate to its business.
Keywords: Europe, UK, Banking, Insurance, SM&CR, Responsibilities Map, FG19/2, Statement of Responsibilities, FCA
Previous ArticleEBA Publishes Revised List of Validation Rules for Reporting
HKMA proposed amendments to the Supervisory Policy Manual, or SPM, module CA-B-2 on systemically important banks.
FSB published the annual report that examines to-date progress toward implementation of climate-related disclosure recommendations of the industry-led Task Force on Climate-related Financial Disclosures (TCFD).
EBA proposed to revise the guidelines on sound remuneration policies in light of the amendments introduced by the fifth Capital Requirements Directive (CRD V).
US Agencies (FDIC, FED, and OCC) finalized two rules, which are either identical or substantially similar to the interim final rules in effect and issued earlier this year.
EBA published the first monitoring report that examines the issuance and quality of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss-absorbing capacity (TLAC) instruments in EU.
FSB's Task Force on Climate-Related Financial Disclosures (TCFD) is seeking views on the decision-useful, forward-looking climate metrics for firms in financial sector, with the consultation ending on January 27, 2021.
APRA is consulting on the reporting standard for credit risk management (ARS 220.0).
PRA launched a consultation (CP18/20) setting out proposals for the "Contractual Recognition of Bail-in" and "Stay in Resolution" Rules.
BoE and PRA launched a package of proposals on the resolution policy in UK.
ECB published an opinion (CON/2020/25) on the deposit guarantee scheme and other amendments to the financial services legislation.