Prudential Regulation Authority—applications for approval (pre-SM&CR)
Prudential Regulation Authority—applications for approval (pre-SM&CR)

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Prudential Regulation Authority—applications for approval (pre-SM&CR)
  • Senior managers regime
  • The procedure
  • What is an approved person?
  • How to apply for approval
  • Timing
  • SIF interviews
  • Adverse disclosures
  • Decisions on applications
  • Withdrawal of applications
  • more

On 7 March 2016 the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) in relation to UK banks, building societies, credit unions and PRA-designated investment firms and the Senior Insurance Managers Regime (SIMR) replaced the APR in relation to all UK-incorporated firms who fall within scope of Solvency II, including insurance and reinsurance firms. SIMR also applies to Insurance Special Purpose Vehicles, the Society of Lloyd’s and managing agents, and UK branches of non-EEA insurers (excluding Swiss general insurers operating in the UK under the 1989 Swiss Treaty). The Financial Services team have retained this Practice Note as a source for historical purposes. Please refer to Application for approval as a PRA-designated Senior Management Function and our Senior Managers and Certification Regime—overview related content for further details on the Senior Managers and Certification Regime.

An approved person is an individual who has been approved by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA) to perform one or more controlled functions on behalf of an authorised firm.

All the controlled functions have been defined under the Financial Services and Markets Act 2000 (FSMA 2000) as amended by the Financial Services Act 2012 (FSA 2012) and additional rules and guidance are set out in the Supervision sourcebook of the PRA Rulebook (SUP