The Senior Managers Regime has received a multitude of press coverage this week over the supposed U-turn by the Treasury and regulators (FCA and PRA) regarding the reverse burden of proof.
Proposals for regulatory references were outlined in the consultation paper published by the regulators on Tuesday [6 October 2015]. Firms are already required to provide references upon request, the new regulation requires Firms to request references for people that fall within the Senior Managers and Certification regimes.
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The Senior Managers Regime (SMR) aims, simply, to clearly assign responsibility and accountability to those in positions that directly affect the success, or indeed failure, of organisations in the banking sector.
In the Feedback Statement FS15/3 the FCA report on the main issues arising from Consultation Paper 15/10 ('Strengthening accountability in banking: UK branches of foreign banks') and publish the near final rules. Highlights include:
The Consultation Paper CP15/22 Strengthening Accountability in Banking, details the new changes to the Senior Managers and Certification Regime. These are mostly clarifications following some confusion over the rules, but there are also a few alterations and additions. Highlights are: