The PRA have today issued Supervisory Statement 28/15, “Strengthening individual accountability in banking”. The statement sets out how the PRA expect relevant firms, including Credit Unions, to comply with the new approved persons framework. There has been numerous consultations on these proposals and a number of significant changes along the way. We would therefore strongly advise all Credit Unions to read the paper as this brings in major changes to the rules. The supervisory statement can be found by on the PRA website.
Responses to the previous consultation and a statement of policy on Conditions, time limits and variations of approval have also been released.
Update- Not to be left out the FCA have now issued a consultation paper on their proposals for the new regime. This can be found by clicking here. Certainly plenty to keep your compliance officer busy!