UK: PRA policy statement - strengthening individual accountability in banking and insurance

The Prudential Regulation Authority has published a policy statement titled Strengthening individual accountability in banking and insurance: see here (pdf). The statement contains the first set of final PRA rules to implement the Senior Managers Regime and Certification Regime for relevant authorised persons (UK deposit-takers and PRA-designationed investment firms) and the Senior Insurance Managers Regime for Solvency II insurers.

Notes:

[a] The policy statement does not contain all of the final rules necessary to implement the new regimes. For further information, and to track implementation, see the strengthening accountability section of the PRA's website.

[b] Policy and supervisory statements were published several days ago by the PRA in respect of its implementation of the Solvency II Directive: see here.