PS15/21: Changes to the Approved Persons Regime for Solvency II firms: Final rules (including feedback on CP14/25, CP15/5 and CP15/16), and consequentials relating to CP15/22 on strengthening accountability in banking

In this Policy Statement we report on the main issues arising from the following FCA consultation papers and publish final rules.  

Why are we issuing this Policy Statement (PS)?

The rules cover two main issues.  Firstly reforms to the Approved Persons Regime for firms to whom the PRA have applied the Solvency II regime. These rules represent an important part of our drive to improve standards of individual conduct across the financial services industry.  The second area is a series of minor, consequential amendments across the FCA Handbook as a result of the changes in the accountability regime for banks and Solvency II firms.

The PS responds to the following consultations:

Policy Statement 15/21 [PDF]

Who is this PS aimed at?

This paper will be of interest to:

All firms to whom the PRA have applied the Solvency II regime, including Insurance Special Purpose Vehicles (ISPVs), the Society of Lloyd’s, managing agents and UK branches of foreign firms (FCA regulated branches of third-country firms and European Economic Area (EEA) firms), and approved persons within those firms.

It is unlikely to be of practical relevance to approved persons of appointed representatives of these firms, which are outside the scope of these reforms.

The amendments to the Handbook described in Chapter 7 affect all firms regulated under FSMA, but these are minor, consequential changes to enable the new accountability regime for banks, PRA designated investment firms and Solvency II firms.

Want to find out more?

For more information: