The following Insurance & Reinsurance practice note produced in partnership with Carol-Ann Burton and Margarita Kato of Holman Fenwick Willan LLP and Dominic Pereira as research contributor provides comprehensive and up to date legal information covering:
On 7 March 2016, the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) for UK banks, building societies, credit unions and Prudential Regulation Authority (PRA)-designated investment firms, while the Senior Insurance Managers Regime replaced the APR for all insurers (effectively functioning as a stop-gap until the government’s decision to extend the SM&CR to insurers). The introduction of the SIMR was driven by the Directive 2009/138/EC, Solvency II, which introduced new requirements to ensure the fitness and propriety of those performing ‘key functions’ in Solvency II firms. The SIMR consisted of two separate individual accountability regimes for insurers, namely the SIMR (introduced by the PRA) and an amended APR (introduced by the Financial Conduct Authority (FCA).
In October 2015, HM Treasury published a policy paper, Senior Managers’ and Certification regime: extension to all FSMA authorised persons, which set out the Government’s intention that the SM&CR be applied to all sectors of the financial services industry. On 10 December 2018, insurers became subject to the SM&CR; to implement the extension of SM&CR to (re)insurers, the PRA and the FCA carried out a number of consultations and published related policy statements which resulted in changes to the FCA Handbook and the PRA Rulebook. A list of these publications is set out below: PRA and FCA publications in relation to application of SM&CR
Free trials are only available to individuals based in the UK
Complete all the fields above to proceed to the next step.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
SRA Code of Conduct for individuals and firmsThis Practice Note provides guidance on the SRA Codes of Conduct, contained in the SRA Standards and Regulations, in force from 25 November 2019. The SRA Standards and Regulations include two Codes of Conduct—a Code forSolicitors, RELs and RFLs and a Code
False imprisonmentLiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary
Common law offence of false imprisonmentThe offence of false imprisonmentFalse imprisonment is a common law offence but it is more common as a civil action in tort (see Practice Note: False imprisonment).It is triable only on indictment. It may be classified in class 2A, 2B or 3 in accordance with
Tenant's request for a new business tenancyThese drafting notes are for use when completing a tenant’s request for a new business tenancy under the Landlord and Tenant Act 1954. They are intended to be used when completing the prescribed form under the Landlord and Tenant Act 1954, Part 2 (Notices)
0330 161 1234