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Bank of England and Financial Services Bill Extends Senior Managers and Certification Regimes to All UK Regulated Financial Services Firms
23 October 2015
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The Bank of England and Financial Services Bill (the “Bill”) proposes extending the Senior Managers and Certification Regimes to all regulated financial firms, including insurers, in 2018.
There may be a double implementation burden for insurers as they will also need to implement the Senior Insurance Managers Regime in 2016.
The presumption of responsibility in the Senior Managers Regime would be replaced under the Bill with a statutory duty of responsibility.
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