Background
On 30 July, the PRA and FCA published a major consultation paper
(CP) on the overhaul of the Approved Persons Regime for banks,
building societies, credit unions, and PRA-designated investment
firms in the UK.
The regulators' aim is to encourage individuals to take
greater accountability for their actions, and to make it easier for
both firms and regulators to hold individuals to account.
While no-one would dispute the importance of this aim, there
are questions about the practicality of the proposed approach and
the consequences for firms.
In this paper, the EMEA Centre for Regulatory Strategy address
the key points in the CP and our expectations of what this will
mean for firms and individuals in practice, with a particular focus
on the challenges and what firms should be doing to prepare.
