On 1 June 2021, the PRA published Policy Statement 11/21 “Strengthening accountability: Temporary, long-term absences” (PS11/21).
In PS11/21 the PRA provides feedback to responses to chapter 2 of FCA Consultation Paper 20/23 “Quarterly Consultation Paper No. 30’ (CP20/23). In chapter 2 of CP20/23 the FCA and PRA jointly proposed their expectations regarding temporary, long-term absences for senior management functions (SMFs).
The PRA has also out its final policy relevant to PRA-authorised firms which comprises:
- Consequential amendments to the PRA Rulebook (Appendix 1).
- An updated Supervisory Statement (SS) 28/15 ‘Strengthening individual accountability in banking’ (Appendix 2).
- An updated SS35/15 ‘Strengthening individual accountability in insurance’ (Appendix 3).
- An updated Form D – ‘Changes to personal information/application details and conduct breaches/disciplinary action related to conduct’ (Appendix 4).
The changes take effect from 2 June 2021.