Context
In response to the FCA’s and PRA’s Policy Statements, the ABI’s Director of Regulation David Otudeko has described the Policy Statements as “…a welcome step towards reducing operational complexity while maintaining robust standards of individual accountability.”
Key points to note and next actions
- The ABI is pleased to see the regulators take a pragmatic approach to improve the regime’s efficiency.
- These measures should help to streamline processes and alleviate some of the complexity firms currently face under SM&CR.