UK’s PRA gives small bank managers an easier ride
Small firms to be subject to 'less onerous' regime
The UK's Prudential Regulation Authority (PRA) today published some of the final rules under the Senior Managers' Regime (SMR), with small firms winning concessions in some areas.
The PRA, the micro-prudential arm of the Bank of England, gave responses to feedback on its earlier consultation and issued final rules setting out the scope of the SMR and how firms should assess senior managers for "fitness and propriety".
The SMR aims to ensure senior managers in banks and insurers take "reasonable
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