Regulator To Extend Senior Manager Rules For Insurers
Law360, London (July 14, 2020, 2:12 PM BST) -- Insurers will be required to describe in greater detail how senior executives breached conduct rules rather than simply telling the regulator that a transgression has occurred, after the Prudential Regulation Authority published a proposed regulatory amendment on Tuesday.
The PRA has launched a consultation over whether to include a provision for insurers in the Senior Managers and Certification Regime. The rulebook holds executives personally accountable for the actions of their company, with fines for those who fail to comply with conduct rules set out by the Financial Conduct Authority.
The requirement for bosses to give additional detail on breaches was included...
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