Accountability Regime Update

The new accountability regime is an area where there has been a constant raft of changes. From Monday 3 July firms conduct rules will apply to Notified Non-Executive Directors.  In addition, firms will be required to notify the PRA if there are any internal disciplinary action due to breaches of the Conduct Rules against Notified Non-Executive Directors. 

What you should now have in place

As a reminder all Credit Unions should now have:

  • Carried out training for staff on how the conduct rules apply to their role.
  • Certified staff who are under the certification regime.
  • Updated their policies and procedures to deal with the regulatory regime requirements of PS27/16.

Further Reading

With the constant changes to the rules you should always ensure that you are consulting the latest version of the PRA and FCA rulebooks.  Courses and printouts of the rules can quickly become out of date. In addition, you need to be aware that there are key differences between the PRA and FCA rules. For example the time limits for reporting  disciplinary actions. Please note the PRA require disciplinary action for those under the certification regime to be reported within 7 days. This is shorter than the FCA deadline.

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