PRA published the policy statement PS24/17, which provides feedback to responses to Chapter 4 of the consultation paper CP8/17 titled “Strengthening accountability in banking and insurance: optimizations to the Senior Insurance Managers Regime (SIMR), and changes to SMR forms.” PS24/17 includes amendments to a number of forms used in the SMR forms, which the PRA shares with FCA.
PS24/17 is relevant to banks, building societies, credit unions, and PRA-designated investment firms. In CP8/17, the PRA proposed a number of consequential amendments to Senior Managers Regime (SMR) forms. The proposed amendments sought to implement optimizations to the SMR introduced in PS12/17 “Strengthening individual accountability in banking and insurance: amendments and optimizations.” The revised SMR forms will come into effect from November 12, 2017.
Related Link: Notification
Effective Date: November 12, 2017
Keywords: Europe, UK, Banking, Insurance, SMR, SIMR, PS24/17, CP8/17, PRA
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