The FCA and PRA have today published a package of final rules, consultation papers and proposals on accountability, remuneration and whistleblowing.

The FCA has published the following documents:

  • Consultation paper: Remuneration in CRD firms: CP 16/28
  • Consultation paper: Applying conduct rules to all non-executive directors in the banking and insurance sectors: CP 16/27
  • Consultation paper: Whistleblowing in UK branches of overseas banks: CP 16/15
  • Consultation paper: ‘Duty of responsibility’ which came into force on 10 May 2016: CP16/26
  • Discussion Paper: Overall responsibility and the legal function
  • Supervisory quality checks: Feedback for UK banks, overseas banks, building societies, PRA designated investment firms and credit unions

The FCA has also published a policy statement on regulatory references final rules: PS 16/22.

The long awaited final rules on regulatory references will be of interest to banks and insurers as well as to candidates for regulatory roles in the Senior Managers and Certification Regime and the Senior Insurance Managers Regime (SIMR). The FCA is also making changes to its handbook in light of the EBA guidelines published in December 2015, simplifying the guidance on remuneration and proportionality and proposing new non-Handbook guidance on FAQs.

The PRA has published:

  • a policy statement on regulatory references (PS 27/16)
  • final rules on buy-outs of variable remuneration (PS 26/16)
  • a consultation on the PRA’s approach to remuneration (CP 33/16, which will consolidate three existing supervisory statements)
  • a consultation on whistleblowing in UK branches (CP 35/16).

The PRA is also consulting on a series of improvements to the Senior Managers Regime and the SIMR, including draft guidance on the PRA’s expectations on the statutory duty of responsibility and the concept of ‘reasonable steps’.

We will be issuing detailed briefings on these rules, consultations and proposals in the next few days. You can read the proposals here: