Since May 2016, the Duty of Responsibility has applied to Senior Managers of banking firms. It will also apply to Senior Managers of insurers and FCA solo-regulated firms when the Senior Managers and Certification Regime is extended.
Under the Duty of Responsibility, we can take enforcement action against Senior Managers if:
This paper sets out how we plan to apply the Duty of Responsibility to insurers and solo-regulated firms once the Senior Managers and Certification Regime is extended.
This Consultation Paper will be of interest to insurers, FCA solo-regulated firms and the senior management of both.
Consumers may be interested in how our approach sits within our initiative to improve culture and governance in firms.
Please send us your comments by 21 February 2018.
You can also:
We will consider your feedback and aim to publish a summary of responses and a policy statement in summer 2018.