In this paper we identify the proposed changes to the Approved Persons Regime for Solvency II firms.
Why are we publishing this paper?
This Consultation Paper proposes changes to the Approved Persons Regime for Solvency II firms to address:
- the FCA’s role in reviewing firms’ assessments of the fitness and propriety of certain important individuals within these firms, to support the implementation of Solvency II
- provisions in the Financial Services (Banking Reform) Act 2013 (“the Banking Reform Act”), which allow the regulators to apply Conduct Rules to certain individuals in FSMA-authorised firms
- the PRA’s proposed reforms to the scope of its pre-approval regime
Who should read this paper?
The paper will be of primary interest to all insurance firms within the scope of Solvency II, including Insurance Special Purpose Vehicles (ISPVs), the Society of Lloyd’s, managing agents, UK branches of foreign firms and approved persons in those firms. Non-directive firms should also take note of the changes in case they become subject to Solvency II in the future.
Please send us your comments by 2 February 2015 using the online response form. This is a slightly shortened consultation period, to enable us to support the implementation of Solvency II by the 31 March transposition deadline.
Find out more
- CP 14/13 - Strengthening accountability in banking: a new regulatory framework for individuals
- PRA CP26/14 - Senior Insurance Managers Regime: A new regulatory framework for individuals
- Solvency II - PRA website
- European Commission's Solvency II regulation pages (PDF document)
- European Insurance and Occupational Pensions Authority (EIOPA) draft level 3 guidance