This paper proposes a new accountability framework for individuals working for UK banks, building societies, credit unions and PRA-designated investment firms
This joint PRA and FCA CP (CP28/14) follows CP14/14 ‘Strengthening accountability in banking: a new regulatory framework for individuals.’
The proposals in this CP, together with those set out in CP14/14, reflect the recommendations of the Parliamentary Commission on Banking Standards (‘PCBS’) and implement changes required by the amendments which the Financial Services (Banking Reform) Act 2013 (‘the Act’) made to the Financial Services and Markets Act 2000 (FSMA).
This CP should be considered in the context of the substantive policy proposals consulted on in CP14/14 and assumes that they are unchanged. The proposals in this CP should not be interpreted as a response to feedback to the July consultation. Changes to the substantive proposals in CP14/14 as a result of consultation feedback may trigger changes to the proposals in this CP as a consequence.
This CP consults on the PRA’s and FCA’s proposed transitional arrangements for relevant firms and individuals, the application and notification forms necessary for implementing the new Senior Managers and Certification regimes, and consequential changes to the PRA Rulebook/Handbook and FCA Handbook.
The consultation closes on Friday 27 February 2015.
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