On 13 August 2015, the FCA published final accountability rules for individuals working for firms that are subject to the Solvency II Directive (which introduces a harmonised EU-wide regulatory regime for insurance firms).
The rules include:
- changes to the scope of the FCA’s approved persons regime;
- changes to the fitness and propriety assessments of candidates for FCA regulated Significant Influence Function roles; and
- new Conduct rules for approved persons in Solvency II firms to encourage appropriate behaviour by staff.