Strengthening Accountability: SM&CR Forms update

Published on 22 January 2021

Strengthening accountability: SM&CR forms update - PS1/21

Please note: Due to the short nature of Policy Statement (PS) 1/21, we have presented the text on this webpage without a separate document. You can use the 'Convert this page to PDF' button below to create a copy.

Overview

This Prudential Regulation Authority (PRA) PS provides feedback to responses to Consultation Paper (CP) 7/20 'Strengthening Accountability: SM&CR Forms Update'. It also contains the PRA's final policy, which includes an:

• amended Notifications Part of the PRA Rulebook (Appendix 1);
• updated Notification Form (Appendix 2); and
• updated Senior Managers & Certification Regime (SM&CR) Form L (Appendix 3).

This PS is relevant to all PRA-authorised firms.

Background

The PRA proposed to:

• amend the Notification Form to reflect the new Financial Conduct Authority (FCA) address following their move to new premises and the new FCA logo. The PRA also proposed to make minor consequential amendments to the Notification Form. These were deleting an incorrect reference to the PRA as a limited company, updating references to the PRA Rulebook, and updating the General Data Protection Regulation notification; and
• update SM&CR Form L to reinstate question 3.05, which requests firms making a notification to provide details of any disciplinary action taken.

Summary of responses

The PRA received no responses to the consultation and will therefore publish the policy as proposed.

Implementation

The final rules in this PS, and the updated versions of the forms, will apply from Friday 22 January 2021.

Appendices

Published on 13 July 2020

Strengthening Accountability: SM&CR Forms update - CP7/20

Overview

This consultation paper (CP), sets out the Prudential Regulation Authority's proposals to make minor amendments to the PRA Rulebook, Notifications Form and Senior Manager & Certification Regime (SM&CR) Form L.

This CP is relevant to all PRA-authorised firms.

The proposals in this CP would result in changes to the Notifications Part of the PRA Rulebook, the Notification Form, and the SM&CR Form L.

The PRA does not expect firms would incur additional costs as a direct result of the proposals.

Implementation

Pending consideration of the responses to this consultation, the proposed implementation date is on publication of the final policy.

Responses and next steps

The consultation closes on Tuesday 13 October 2020.

The PRA invites feedback on the proposals set out in this CP. Please address any comments or enquiries to [e-mail].

Consultation Paper 7/20Opens in a new windowOpens in a new window