PRA and FCA have updated their webpages on strengthening individual accountability to remind firms that the SMR and the senior insurance managers regime (SIMR) come into force on 7 March. They remind firms that:
- if firms have submitted their grandfathering notification, received an automated response confirming receipt of your submission, and not heard more from the regulators, this means that the information is being processed. Firms will only be contacted if there are questions about the application;
- firms that have been contacted to resubmit their grandfathering notification and have not addressed all the queries and made a successful resubmission are reminded to do so as soon as possible; and
- firms that haven’t submitted their grandfathering notification are prompted to do so as soon as possible.
If a firm does not successfully transfer current controlled functions under the approved persons regime to senior manager or senior insurance manager functions, existing approvals for these persons will lapse. The last working day for submissions will be 4 March. (Source: Regulators remind firms of SMR countdown)