FCA and PRA publish final rules for new regulatory regimes

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Financial Conduct Authority

On the 7th July 2015 the FCA and PRA published the final rules for the new regulatory regime for banks, building societies, credit unions and PRA-designated investment firms. These rules come into force on the 7th March 2016 and there is a timeline for implementation of various phases of these rules. Within this publication they are also consulting on extending this framework to individuals engaged in wholesale market activities, such as trading.

The publications below outline the Senior Managers Regime, the requirements for the Certification Regime and the Conduct Rules. We are reviewing the publications and will be publishing follow up blogs over the next few months to discuss the impact and changes required for regulated background screening.

Please see the links below for the FCA and PRA publications.

If you have any questions or feedback regarding the changes please don’t hesitate to contact us.

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The HireRight Blog is provided for informational purposes only and should not be construed as legal advice. Any statutes or laws cited in this article should be read in their entirety. If you or your customers have questions concerning compliance and obligations under United States or International laws or regulations, we suggest that you address these directly with your legal department or outside counsel.

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