This Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 34/16 'strengthening individual accountability in banking and insurance: amendments and optimisations'. It also provides:
The final rules relating to the implementation of the amendments to the SM&CR and SIMR in the BoE Act do not differ significantly from those proposed in CP34/16. Most respondents supported the relevant proposals in CP34/16.
The rules and expectations published in this PS will become effective at different times.
The optimisations to the SIMR described in Chapter 4 of this PS will become effective on Tuesday 12 September 2017. The PRA proposed some technical modifications to SIMR to enhance the proportionate, risk-based application of the regime and this is what Chapter 4 covers, it includes:
The full document can be found here.
We offer Insurance Firms advice and solutions in Compliance and Risk. From reviews and projects to regulatory authorisation and applications, our consultants are on hand to help you understand, identify and manage your regulatory requirements.
We specialise in delivering a bespoke recruitment service, with particular focus on Compliance, Risk and Audit roles. We offer a range of recruitment solutions covering: Permanent Hire, Contract and Consultancy placements.