UK regulators propose slimming the Senior Managers and Certification Regime

The Prudential Regulation Authority and the Financial Conduct Authority opened parallel consultations to "significantly streamline" the regime. The proposals would remove the Certification Regime for "around 139,000 individuals below senior manager level" and drop regulator pre-approval for roles such as Chief Actuaries and Chairs of Risk and Audit Committees. CEOs, CFOs and Chairs would still need pre-approval. The regulators say the changes "are expected to save firms around £2 billion over a 10-year period".