This Policy Statement (PS) sets out our response to the feedback received to our Consultation Paper CP19/31 Extending the Senior Managers Regime to Benchmark Administrators. It also sets out the final rules and guidance we are publishing following the consultation.
Why we are extending the Senior Managers Regime
We want to reduce harm to consumers and strengthen market integrity by making employees at benchmark administrators more accountable for their conduct and competence.
This should encourage all employees to take personal responsibility for their actions and improve conduct at all levels. It should also ensure that firms understand and can demonstrate where responsibility lies while supporting and promoting a healthy culture.
Who this applies to
- benchmark administrators authorised in the UK that do not undertake any other regulatory activities
- Appointed Representatives and their principals
We are publishing final rules with this Policy Statement. The SMR will come into force for benchmark administrators that do not undertake any other regulated activities on 7 December 2020.