Consultation outcome

Regulating individual conduct in banking: UK branches of foreign banks

• From: HM Treasury and The Rt Hon Andrea Leadsom
• Published: 17 November 2014
• Last updated: 3 March 2015 — See all updates

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

Read the full outcome

Regulating individual conduct in banking: UK branches of foreign banks, response to consultation

Ref: ISBN 9781910337004

PDF, 312 KB, 13 pages

Detail of outcome

Having carefully considered the responses to the consultation, the government has decided to apply the Senior Managers and Certification Regime (SM&CR) to UK branches of foreign banks from 7 March 2016. The SM&CR will apply to UK banks, building societies, credit unions and PRA regulated investment firms from the same date. This document summarises the responses received and sets out the government’s response.

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Original consultation

Summary

This consultation seeks views on whether to extend the Senior Managers and Certification Regime to UK branches of foreign banks.

This consultation ran from
1:45pm on 17 November 2014 to 5pm on 30 January 2015

Consultation description

The Financial Services (Banking Reform) Act 2013 put in place the legal framework for the government’s reforms (the “Senior Managers and Certification Regime”) to strengthen the regulation of individuals who work in the UK banking sector. The Act also gave the Treasury the power to extend the reforms to cover UK branches of foreign banks and investment firms by statutory instrument and imposed an obligation to consult representative organisations and other appropriate persons.

This consultation invites responses on the attached draft order which would apply the Senior Managers and Certification Regime to UK branches of foreign credit institutions and to foreign investment firms that carry on the regulated activity of dealing in investments as principal in the UK and are regulated by the Prudential Regulation Authority (PRA).

Who should read this

Foreign banks and investment firms operating in the UK, trade associations and other representative organisations, individuals who work in foreign banks and investment firms, customers of foreign banks and investment firms.

Documents

Regulating individual conduct in banking: UK branches of foreign banks

HTML

Impact assessment

PDF, 4.03 MB, 11 pages

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Statutory instrument: The Financial Services and Markets Act 2000 (Relevant Authorised Persons) Order 2015

PDF, 371 KB, 3 pages

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Published 17 November 2014
Last updated 3 March 2015 + show all updates

1. 3 March 2015

   Response added.

2. 17 November 2014

   First published.