Reform of senior managers’ regime chance to speed up director approvals – compliance experts
Government plans to reform the Senior Managers and Certification Regime are an opportunity to speed up approval processes which are taking too long, compliance experts say.
On Friday, the Government announced a review into SMCR would begin in the first quarter of next year.
Chancellor Jeremy Hunt said reform of SMCR and other light-touch regulatory reforms would mean the country could ‘seize on our Brexit freedoms’.
Mike Cranny, director with consultant Create Solutions, said: “It would be good if they could look at the difficulties in not only the senior managers’ regime, but the whole of the process of authorising managers and brokers.
“The case officers are
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
FCA promises reframed and revised ‘name and shame’ plans but no decision until early next year
In a House of Lords Financial Services Regulation Committee evidence session earlier today, Financial Conduct Authority CEO Nikhil Rathi said no decision will be made on its investigation transparency proposals consultation until early next year.
FCA closes in on authorisation targets as performance rises again
The Financial Conduct Authority has improved its delivery on the two broker-related authorisation metrics that remain in the ‘amber’ zone as it hones in on delivering a ‘green’ performance in all five relevant categories.
FCA bans broker and issues £1.1m fine for misusing insurer funds
Leigh Mackey, formerly sole director of closed broker Inspire Insurance Services, has been banned by the Financial Conduct Authority and fined £1.1m after using insurer funds to support the firm’s operating costs and pay for personal living expenses.
FCA reopens parts of commercial and bespoke insurance discussion paper for feedback
The Financial Conduct Authority has reopened parts of its discussion paper on commercial and bespoke insurance business in response to demand.
FCA non-financial misconduct survey leads to call for action and benchmarking
The Financial Conduct Authority has released the findings from its non-financial misconduct survey as a benchmark for firms to reflect on whether their own processes, procedures and controls provide both robust detection and appropriate outcomes.
Premium finance review welcomed as EY warns of ‘heightened regulatory scrutiny’
Industry practitioners have broadly welcomed the Financial Conduct Authority launching a review into premium finance.
Industry reacts to government motor task force
The wider insurance market has given a mixed reaction to the UK government’s motor task force, with its industry-led approach questioned, but experts note it is a step forward.
FCA launches review into premium finance “fair value” and barriers to competition
The Financial Conduct Authority has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive deals.