UK Regulators Propose Significant Simplification of Senior Manager Accountability Regime
The PRA and FCA aim to reduce administrative burdens on financial firms by streamlining approval processes and cutting the number of roles requiring annual checks.
By Orion Desk
The Prudential Regulation Authority and Financial Conduct Authority have launched consultations to reduce the number of financial services roles subject to direct regulatory pre-approval. These proposals aim to save firms approximately £2 billion over the next decade by removing the certification regime for roughly 139,000 individuals and easing requirements for specific senior functions.
While high standards for accountability and individual conduct will be maintained, the shift toward a notification system for certain roles is intended to increase operational flexibility. Market participants may view these reforms as a move toward a more streamlined regulatory environment that prioritizes firm competitiveness and growth.
Originally published by Bank of England
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