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ARTICLE · 20 JUNE 2017

Senior Managers Regime - Amendments And Optimisations

Deloitte
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The PRA recently published a Policy Statement confirming amendments and optimisations to the current Senior Managers Regime (SMR) which applies to banks, building societies...

United KingdomFinance and Banking
David Strachan
David Strachan
Natasha De Soysa
Natasha De Soysa
Dominic Graham
Dominic Graham
Rebecca Walsh
Rebecca Walsh
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The PRA recently published a Policy Statement confirming amendments and optimisations to the current Senior Managers Regime (SMR) which applies to banks, building societies, credit unions and PRA-designated investment firms (referred to as Relevant Authorised Persons – RAPs) and to the current Senior Insurers Managers Regime (SIMR).

In light of this Policy Statement and the impending extension of the SMR to the rest of the financial services industry in 2018, we have set out below the key questions for firms to consider and the timescales for implementing the changes and optimisations contained in the latest Policy Statement.

1. Chief Operations SMF

The PRA has confirmed for RAPs:

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