The FCA and the PRA have updated their websites to provide information on the new Senior Managers regime (SMR) for the banking sector that came into force on 7 March 2016.
The PRA has published a new webpage on senior manager approvals. The webpage provides an overview of the key changes to the old Approved Persons regime, and how to apply. The PRA has also updated its webpage on submitting, amending and withdrawing applications under the SMR.
The PRA has also published a document containing a list of the PRA-designated senior management functions (SMF) under the SMR.
Both the FCA and the PRA have also updated their improving individual accountability webpages for the SMR. The pages confirm that the Financial Services Register now reflects SMR grandfathering data, received as at 12p.m. on 4 March 2016. They will process submissions received after this time and before 11:59p.m. on 6 March 2016 shortly.