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FCA issues PS16/5 on accountability in banking and insurance

The FCA today has published the Policy Statement PS16/5: Strengthening accountability in banking and insurance: implementation of SM&CR and SIMR, and PRA requirements on regulatory references.

This policy statement contains, among other things, the PRA and FCA final rules to implement the proposals for applying the Senior Insurance Managers Regime (SIMR) to Swiss general insurers.

In November 2015, the FCA and PRA consulted in a joint publication (CP15/37: Consequential amendments to the Senior Insurance Managers Regime) on a set of proposals for the application of the SIMR to Swiss general insurers.

This policy statement includes the corresponding rules that have been made by the PRA. Changes to the FCA rules are consequential to those of the PRA.

Who is this policy statement aimed at?

Chapter 3, the joint chapter on Swiss general insurers, will be of interest to non-Directive firms and Swiss general insurers.

What are the next steps?

The new rules become effective on 7 March 2016, with the exception of the rules in relation to the grandfathering provisions for current approved persons, which come into effect on 15 February 2016.

Planet Compliance

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