Deadlines fast approaching for the new Senior Managers Regime

As you are undoubtedly aware the new Senior Managers Regime is due to take affect from the 7th March 2016. With the implementation date just around the corner it is vital that all notification forms for Grandfathering are submitted to the regulator before the 8th February 2016.

The FCA are expecting a high volume of submissions, which is why they have asked for firms to submit the paper work as soon as possible and not risk leaving it until the last minute.

Earlier in the month the regulator also outlined a number of technical rule changes, as a result of ‘Her Majesty’s Treasury’ announcement on the 15 October 2015. The consultation paper sets out how the regulator intends to implement the consequential rule changes. It also highlights the potential impact of the changes upon the industry and consumers. (Read CP16/1 here)

The proposed changes will be of interest to the following firms:

  • UK Banks
  • Building Society
  • Credit Unions
  • PRA –designated investment firms
  • Incoming branches of overseas relevant firms  

The regulator has an online form for feedback and comments on their proposals, which will need to be completed by the 5th February. So again not long left to have your say on the rule changes. The feedback and comments will then be reviewed and considered prior to publishing of the rules in a Policy Statement in March 2016.

Philippa Grocott