Clifford Chance

Strengthening accountability: SIMR and the PRA's focus on Governance

9 May 2016

On 7 March 2016, the Senior Insurance Managers Regime ("SIMR") came into effect. Although based on Solvency II governance requirements, the SIMR is a significant extension from these requirements. This extension, coupled with the PRA's increasing focus on Board Governance, demonstrates a renewed drive to 'strengthen accountability'. 

This note sets out certain key issues arising from the implementation of SIMR and also takes a closer look at two key PRA publications on the subject. We also look at HM Treasury's future proposals in respect of the Senior Managers and Certification Regime and expected changes to the SIMR.

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