The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published the final rules confirming the approach to improving individual accountability in the banking sector. The final rules cover the Senior Managers Regime; the Certification Regime; and new Conduct Rules. Firms subject to the new regime need to take a number of actions, including:
- Identify individuals requiring approval, including those existing SIF holders who will map across to the Senior Managers Regime;
- Construct an overall Firm Responsibilities Map, and a Statement of Responsibilities for each individual senior manager per legal entity;
- Submit grandfathering notifications by 8 February 2016;
- Identify all individuals caught by the Certification Regime by 7 March 2016; and
- Train senior managers and certified staff on Conduct Rules before 7 March 2016 and other staff before 7 March 2017.