On 23 March 2015, the PRA published policy statement  PS3/15 (“PS3/15”), providing feedback on responses to proposals contained in two consultation papers: consultation paper CP14/14 (“CP14/14”) and consultation paper CP26/14.

CP14/14 proposed, among other things, that a senior managers regime be put in place to require firms to allocate a range of responsibilities (known as ‘significant management functions’) to these individuals and to regularly vet their fitness and propriety. PS3/15 provided the feedback on responses obtained to this element of CP14/14 and set out the first set of final rules to be implemented by the PRA in order to establish the senior managers regime. The response under PS3/15 noted that the PRA has not made any substantive changes to the significant management functions proposed under CP14/14 and introduced a simplified senior managers regime for smaller firms.