- The regulatory references regime is part of a wider package of reforms aimed at improving accountability in financial services firms and insurers.
- The regulatory references regime presently applies to banks, building societies, credit unions and PRA investment firms (known as relevant authorised persons, ‘RAPs’) and larger insurers who are recruiting candidates to particular positions including regulatory roles in the Senior Managers and Certification Regime (SM&CR) and the Senior Insurance Managers Regime (SIMR). The SIMR will be replaced by the SMCR on 10 December 2018
- The extension of the SM&CR will extend the regulatory reference regime to senior managers and certified staff working for all insurers and reinsurers under the extended regime from 10 December 2018
- The extension of the SM&CR will extend the regulatory reference regime to senior managers, certified staff and also to non-executive board directors working for all FSA and PRA regulated firms from 9 December 2019.