The FCA and the PRA have published policy statements (PRA PS24/15 and FCA PS15/24) containing new rules in relation to whistleblowing. This follows consultation earlier this year (see daily news 24 February 2015). The new rules apply to UK deposit-takers with assets in excess of £250 million, PRA-designated investment firms, and insurance and reinsurance firms […]

On 6 October 2015, the PRA issued a policy statement on whistleblowing in deposit-takers, PRA-designated investment firms and insurers (SS39/15). http://bit.ly/1MjpHVN Alongside this, the FCA has published its policy statement on whistleblowing in deposit-takers, PRA-designated investment firms and insurers (PS15/24). http://bit.ly/1jSz8Af The PRA and FCA are introducing a “package” of new whistleblowing rules designed to build on […]

The PRA has updated supervisory statement SS7/14 to provide clarity on the use of skilled persons in the PRA’s supervisory approach. The update is intended to: show that the power to commission reports by skilled persons is a discretionary supervisory tool; highlight that the use of skilled persons in an enforcement context is rare; and […]

The FCA and PRA have published final rules on the regime to strengthen the accountability of individuals within banks, building societies and credit unions, which incorporate the Senior Managers’ Regime, the Certification Regime and a new set of Conduct Rules. Minor changes have been made in response to feedback received and the FCA’s consultation paper […]

The roles of Directors and Officers (D&O) within companies are increasingly being scrutinised and further liabilities and responsibilities are being identified. Recent regimes, regulations and statutes have focused on: The role of Senior Managers within financial institutions. The making of compensation orders pursuant to the Small Business, Enterprise and Employment Act 2015. This Briefing discusses […]

PRA/FCA Senior Managers Regime And Employment Law Implications – Where Are We Now? With the consultation on transitional arrangements for the introduction of the senior managers and certification regimes due to close on 27 February, it is a good time to take stock of the proposed new regulatory framework and assess the potential impact from […]

In February 2015 the FCA and the PRA published a joint consultation paper (FCA CP15/4 and PRA CP6/15) (CP) on whistleblowing in deposit-takers, PRA-designated investment firms and insurers (relevant firms). This article considers the key proposals in the CP, and potential action points for relevant firms to consider. Background Following the recommendations published in June […]

On 23 March 2015, the PRA published Policy Statement (PS3/15 ) which sets out its feedback to responses to the consultation papers on the new frameworks for individuals in the Banking and Insurance sectors (CP14/14), published July 20141 and (CP26/14), published November 2014). To view this article in full click here.