The PRA has published a consultation paper (CP3/16) on its proposals to delete rules and guidance from the PRA Handbook. The rules and guidance which are the subject of the consultation paper have been replaced, or are in the process of being replaced, by rules in the PRA Rulebook or by PRA supervisory statements.
The PRA is proposing to delete the following parts of the Handbook:
- Supervision manual (SUP) Schedule 5A
This contains guidance on parts of SUP 10B but will be rendered irrelevant following the introduction of the senior managers regime and senior insurance managers regime, which will involve the removal of SUP 10B.
- Senior Management Arrangements, Systems and Controls sourcebook (SYSC) 1, 4-9 and 21
The PRA has previously consulted (in CP17/15) on replacing SYSC 4-9 and 21 but did not propose to delete them entirely, as they would still apply to some firms. However, a subsequent PRA consultation paper (CP22/15) proposed to disapply SYSC entirely to these firms, making these parts of SYSC redundant. SYSC 1 contains the application provisions for SYSC so will be unnecessary if SYSC 4-9 and 21 are deleted.
- Several annexes to SUP 16
Many of the annexes to SUP 16 have already been deleted. The PRA now proposes to delete the remaining annexes that have either recently been superseded by new parts of the PRA Rulebook or PRA supervisory statements, or will be superseded by a supervisory statement which will be prepared later this year.
- Fees manual (FEES) Schedules 1-3 and 5
These schedules were inserted into FEES several years ago as placeholders for substantive content. However, the content was never added and the PRA is now proposing to delete these schedules, given that the rest of FEES will be deleted.
Assuming these proposals are adopted, the deletions will be effective from 7 March 2016.