The following Financial Services practice note provides comprehensive and up to date legal information covering:
In June 2013, the Parliamentary Commission for Banking Standards (PCBS) published its report Changing Banking for Good, which set out a number of recommendations for legislative and non-legislative actions to improve professional standards and the overall culture in the UK banking industry. This was later followed by legislation in the form of the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013), which aimed to replace the Approved Persons Regime (APR) for banks, building societies, credit unions and Prudential Regulation Authority (PRA)-designated investment firms with a new regulatory framework for individuals.
On 7 March 2016, the Senior Managers and Certification Regime (SM&CR) replaced the APR in relation to UK banks, building societies, credit unions and PRA-designated investment firms, as well as UK branches of non-UK firms. On 10 December 2018, the SM&CR was extended to insurers and re-insurers (although additional requirements apply to Solvency II and large non-directive firms, ie, those with assets over £25m). The application of the SM&CR to insurers replaces the separate Senior Insurance Managers Regime (SIMR) which itself had replaced the APR in March 2016 in relation to UK-incorporated firms falling within the scope of Solvency II, including insurance and reinsurance firms.
The Senior Managers Regime (SMR) aims to ensure that senior managers can be held liable for any misconduct that falls within their remit of responsibilities, while the Certification Regime
**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
Take a free trial
This Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions typically found in an escrow
Criminal offences are generally divided into two categories: •conduct crimes, and •result crimesA conduct crime is a crime where only the forbidden conduct needs to be proved. For example, an accused is guilty of dangerous driving if they drove a motor vehicle dangerously on a road or other public
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies,
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.