PRA publishes policy statement on SMCR form changes

Following its January 2023 consultation, PRA has published a policy statement setting out changes to the SMCR forms in its Rulebook.

In particular, PRA will:

  • Amend the Senior Managers Regime – Applications and Notifications section of the Rulebook to remove links to SMCR forms A (long form), A (shortened form), B, E, I, and J, and also to the statement of responsibilities;
  • Increase the length of employment history in the form A (long form) from 5 to 10 years.

In relation to the increased employment history period, PRA confirmed that there is no impact on the 6-year regulatory reference requirement.

The new rules will take effect on 11 May.

Laura Wiles