Regulatory AlertsPS16/6: Consequential Changes to the Senior Managers Regime
The Financial Conduct Authority issued Policy Statement PS16/6 to implement final rules aligning the Senior Managers and Certification Regime with HM Treasury's removal of the requirement for firms to report known or suspected conduct rule breaches. The document updates FCA Handbook modules and Forms C, D, and H to reflect the suspension of section 64B(5) of the Financial Services and Markets Act 2000 while maintaining the obligation to notify disciplinary actions under section 64C. Additionally, the statement finalizes technical amendments to SYSC 1 Annex 1 regarding the application of rules to foreign branches and clarifies reporting timelines for internal disciplinary processes.
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