Following its consultations in July and October 2015 on strengthening accountability in banking and insurance, the FCA has published a policy statement. In this statement the FCA sets out its final rules for extending the new accountability framework for individuals working in banks, building societies and credit unions who perform wholesale market activities. It also provides initial feedback on its consultation paper CP15/31 as well as its final rules on an interim regime for referencing pending a permanent set of rules for references, including transitional arrangements, which it aims to publish in the summer.
The FCA reminds firms that if they are affected by the Senior Managers and Certification Regime, they will need to ensure they are ready for implementation when the regime comes into force on 7 March 2016. The FCA provides the following summary of the key implementation dates:
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