The PRA has updated its webpage on the senior managers regime. It advises firms that:
- If they have submitted their grandfathering notification and have received an automated response confirming receipt of the submission, but have not heard more from the FCA or the PRA, this means that the information is being processed. Firms will only be contacted if there are questions regarding their submission.
- If a firm does not successfully transfer current controlled functions under the approved persons regime to senior manager functions, existing approvals for these persons will lapse.
- The last working day for submitting forms is Friday 4 March 2016.
The webpage also provides information for firms who are having issues submitting their grandfathering notification.