On 7 July 2015, the FCA and PRA published final rules regarding the new accountability framework for individuals working in UK banks, building societies, credit unions and PRA-designated investment firms. Of the numerous obligations imposed under the SMR, the key requirements include submitting a Firm Responsibilities Map and a Statement of Responsibilities for each individual senior manager. These are aimed at increasing individual accountability for senior managers.
The start date for the application of the SMR and Certification Regime is 7 March 2016. The Conduct Rules apply to staff who do not fall within the SMR or Certification Regime on 7 March 2017. There remain outstanding policy areas to be addressed by the regulators including final guidance on the Presumption of Responsibility, final rules on regulatory references and incoming branches of overseas firms.