The following Financial Services guidance note provides comprehensive and up to date legal information covering:
STOP PRESS: The Senior Managers and Certification Regime (SM&CR) was extended to insurers regulated by the FCA and PRA from 10 December 2018, replacing the Senior Insurance Managers Regime (SIMR). This Practice Note will be updated shortly to reflect these changes.
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 Prudential Regulation Authority (PRA)-designated investment firms and the Senior Insurance Managers Regime (SIMR) and replaced the APR in relation to all UK-incorporated firms who fall within the 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, the UK branches on non-EEA insurers (excluding Swiss general insurers operating in the UK under the 1989 Swiss Treaty). As a result, the SUP Supervision Manual and APER Statements of Principle and Code of Practice for Approved Persons PRA Rulebook chapters have been deleted. The main controlled functions provisions for dual regulated firms can now be found in the PRA Rulebook—Senior Management Functions chapter. The PRA APR has been superseded by the SM&CR.
For further information on the SM&CR, see: Senior Managers and Certification Regime—essentials for SM&CR banking firms.
Controlled functions are functions that relate to the carrying on
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