UK: The Senior Managers Regime and non-executive directors

The Prudential Regulation Authority and Financial Conduct Authority have today published a consultation paper in which they explain that the following non-executive directors will be subject to approval and inclusion in the new Senior Managers Regime: chairman; chair of the risk committee; chair of the audit committee; chair of the remuneration committee; chair of the nomination committee; and the senior independent director.

The consultation paper - titled Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms - is available here (pdf). Further information is available in the accompanying press release: see here.