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Showing 1 - 10 of 118 matches filtered by 'PRA'

  • Insurance Outsourcing: PRA to publish new Supervisory Statement

    In a speech published yesterday on insurance risk management, the PRA announced that it is planning to issue a new supervisory statement on outsourcing in October. Charlotte Gerken noted that “The supervisory statement is intended to provide a one-stop source of reference on outsourcing and third-party risk management, bringing together previously issued guidance. It also sets out additional guidance...
  • PRA flags current operational risk and resilience, cyber security and outsourcing issues for credit unions

    The PRA has reminded credit unions of its expectations regarding operational risk and resilience, cyber security and outsourcing issues in the published findings of its 2019 annual assessment of the credit union sector. 
  • Brexit news for financial services firms-from 20 July 2019 to 2 August 2019

    EC: EQUIVALENCE IN THE AREA OF FINANCIAL SERVICES The EC has set out its approach on equivalence and on recent legislative improvements in terms of how it grants equivalence to non-EU countries. It also describes how the EC and ESAs monitor the situation in those countries after equivalence decisions have been taken and how recent EU legislative changes have strengthened the equivalence framework....
  • PRA Dear CEO Letter to Fast Growing Firms

    On 12 June 2019 the PRA published a new ‘Dear CEO’ letter summarising the regulator’s findings from a review of 20 non-systemic deposit taking firms that it has undertaken over the past year. The firms reviewed are mostly growing faster than the market as a whole, so the PRA refers ...
  • Select Committee of MPs to look into blockchain and digital currencies

    On 22 February 2018 The House of Commons Treasury Committee (also referred to as the ‘Treasury Select Committee’ or ‘TSC’) launched an inquiry into the role of digital currencies and the technologies underpinning them. The purpose of this inquiry is to increase understanding of digital currencies and distributed ledger technologies ...
  • Individual responsibility - extending SMCR to the entire industry


    CMS UK held a seminar on 4 September on 'Individual responsibility - extending SMCR to the entire industry', led by Simon Morris and Alison McHaffie.

    The seminar covered:

    1. What’s going on?
    2. What will it look like?
    3. The implementation project
    4. Senior managers
    5. Certified & other staff – and what fit and proper means
    6. The rules – and what they mean

    The seminar slides are available to view/download via the link in the title.

  • The New Individual Responsibility Regime - Extending it across the Financial Services Industry

    On 26 July 2017, the FCA published consultation paper CP17/25 on the extension of the Senior Managers and Certification Regime (see our earlier report, which summarises the key proposals here). Our brochure looks at each of the key elements of the new regime, assessing how they will apply to non-banking ...
  • FCA consultation (CP17/25) on Senior Managers and Certification Regime

    Today the FCA published its consultation (CP17/25) on the extension of the Senior Managers and Certification Regime (“SM&CR”) to nearly all FCA regulated firms (including incoming branches of non-UK firms that have permission to carry out FCA regulated activities). The proposals regarding insurers are not covered in this consultation. See ...
  • Updated remuneration guidance from the PRA and FCA

    Over the last month, both the PRA and FCA have produced final versions of updated guidance on remuneration. This follows the form of the FCA’s draft guidance published for consultation last year and the PRA’s consultation. In both cases, the updated guidance consolidates guidance that was previously located in several ...
  • Alison McHaffie’s Financial Services Investigations and Enforcement Column: February 2017

    This article first appeared on Practical Law and is published with the permission of the publishers The Enforcement Review – significant change or more of the same? The long running review of the FCA and PRA enforcement process has finally reached an end, at least for the FCA, with the ...