FSA deletes the annual reporting requirement on senior managers in the Handbook
The Financial Services Authority (FSA) in the UK announced today that firms will no longer have to notify the FSA each year of the roles and responsibilities of their FSA-approved senior managers. This move aims to reduce the administrative burden placed on firms and should save the industry about £2 million a year in administration costs.
The ending of the reporting requirement, agreed by the FSA Board last week, has immediate effect and will save firms from having to collate and report the information this year.
FSA General Counsel Andrew Whittaker said this change "is a sensible and practical piece of deregulation in the context of our programme to simplify the FSA Handbook and remove unnecessary burdens. It will reduce costs for firms and for the FSA without increasing regulatory risks."
The FSA is still considering the impact that the Markets in Financial Instruments Directive (MiFID) may have on the Approved Persons regime as a whole and will provide feedback on the regime later in the year. The reporting requirement is not dependent on the outcome of MiFID so the FSA has moved to drop it now, ahead of formal feedback, as all respondents on this issue, including large firms and trade associations, were in favour of the change.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Snap! Derivatives reports decouple after Emir Refit shake-up
Counterparties find new rules have led to worse data quality, threatening regulators’ oversight of systemic risk
Critics warn against softening risk transfer rules for insurers
Proposal to cut capital for unfunded protection of loan books would create systemic risk, investors say
Barr defends easing of Basel III endgame proposal
Fed’s top regulator says he will stay and finish the package, is comfortable with capital impact
Bank of England to review UK clearing rules
Broader collateral set and greater margin transparency could be adopted from Emir 3.0, but not active accounts requirement
The wisdom of Oz? Why Australia is phasing out AT1s
Analysts think Australian banks will transition smoothly, but other countries unlikely to follow
EU trade repository matching disrupted by Emir overhaul
Some say problem affecting derivatives reporting has been resolved, but others find it persists
Barclays and HSBC opt for FRTB internal models
However, UK pair unlikely to chase approval in time for Basel III go-live in January 2026
Foreign banks want level playing field in US Basel III redraft
IHCs say capital charges for op risk and inter-affiliate trades out of line with US-based peers
