Conditions, time limits and variations

First published on 7 July 2015

This statement of policy is issued by the Prudential Regulation Authority (PRA) in accordance with section 63ZD of the Financial Services and Markets Act 2000 (FSMA) as amended by the Financial Services (Banking Reform) Act 2013, which requires the PRA and the Financial Conduct Authority (FCA) to issue a statement of their respective policies on:

• approving individuals under section 59 of FSMA subject to conditions and time limits; and
• varying approvals under section 59 of FSMA.

The statement applies to all Relevant Authorised Persons (Relevant Firms) as defined in section 71A of the Financial Services and Markets Act 2000 (FSMA) namely:

• banks;
• building societies;
• credit unions; and
• PRA designated investment firms.

Current version

Published on 4 July 2018. Effective from 10 December 2018.

• Statement of Policy - July 2018 (pdf)

- following PS15/18 ‘Strengthening individual accountability in insurance: Extension of the SM&CR to insurers’.

Past versions