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Strengthening accountability - The strengthening accountability regimes for banking and insurance help to support a change in culture at all levels in firms through a clear identification and allocation of responsibilities to individuals responsible for running them. Get Neds Bonus Code 2021 - STAR. How to use the code. Just click on the link. Go to the registration page, fill in your details, enter the Neds Promo Code and login with Neds Australia. You can browse through the betting coupon, deposit and withdraw money,. Bonus Info: Neds Punters Toolbox: Support Options: Live Chat, Email, Phone: Deposit Options: Visa, Mastercard, Direct Deposit, Paypal: Withdrawal Options: Direct Deposit: Claim Now: Screenshots. Neds is taking on the big guys in the bookmaking industry and they are doing it well. Australian owned bookmakers are few and far between. When you register as a new customer you can take advantage of the Neds referrer code and start your betting off in the best possible way. Please note, this is not a bonus code and does not grant access to additional offers. What can I get with the Neds referrer code? One of the newest online sports betting sites on the market. Runner Comments; 1 Toro Dorado Winner of six races from 1m to 1m 2f on the all-weather (3 PO). Finished 3 1/2l behind Society Red when sixth of 9 at 12-1 on his latest outing at Lingfield over 1m 2f last month.
When you register as a new customer you can take advantage of the Neds referrer code and start your betting off in the best possible way. Please note, this is not a bonus code and does not grant access to additional offers.
What can I get with the Neds referrer code?
One of the newest online sports betting sites on the market. Check their website to see what they have to offer to new or existing customers.
Neds Deposit Bonus Rewards
| Neds Australia | Features | Neds referrer code |
|---|---|---|
| Neds Sports | Visit the operator’s website | Visit Neds >> |
| Neds Horse Racing | Bet on horse racing with Neds | Visit Neds >> |
Neds referrer code: Step by step guide
To take full advantage of the Neds referrer code you will need to create an account. The good news is that this is very easy to do. Here’s a quick step-by-step guide.
- First of all, just click on the button below this list to get the ball rolling
- You then need to click on the ‘join now’ button in the top right-hand corner of your screen
- Now you will be asked to enter your name and an email address
- Then enter some security details that you will use every time you log in – a username and a password
- The last part of the process is to provide your date of birth, mobile number, and what country you are registering from
- Then you just have to tick the terms and conditions box and click on the ‘create account’ button
- Now that you have registered you can start betting
Promos for Existing Customers
Once you are a customer account holder you can activate a whole host of daily promotions. Please check the operator’s website to see what they have to offer to new or existing customers.
Punters Tool Box
You can get all the information you need about any potential bet by checking out the Punters Tool Box. Gain access to statistics, results and tips, and get the facts to back up your betting hunches. A well-informed bet is always going to stand more of a chance and the Punters Tool Box gives you all the details you will need at your fingertips.
Multi Builder
The Multi Builder is a great simple way to organise and place your multiple bets. You can scan through all the betting markets and add as you go. All the legs of the multi-bet are added to your bet slip. Then you just have to choose your stake and make your bet.
Betting Markets
Neds have obviously taken a lot of time designing the site to perfectly suit the modern bettor. It’s all very well having good markets and odds – but if you can’t use the site effectively then it’s not really any good.
The good news here is that this site manages to fulfill expectations on both accounts. Once you have signed up and received your Neds referrer code you will be able to explore the full range of markets open to you – see for yourself how easy it is to find your way around.
There is a really good range of sports betting markets – covering soccer, cricket, golf and all the usual Aussie sports. But where Neds really excels is its horse racing operation.
Some online sports betting sites have tended to concentrate on other sports that have become more popular in the betting world over the last few years – but Neds know that traditionally horse racing is a huge drawer for bettors and have produced an excellent way to find out all about race meetings and then bet on them.
Apart from the innovative features we outlined earlier, there is a wealth of information on the site and whether the race is in Melbourne or Ascot you will be able to find a betting market – with attractive odds – that suits your needs.
The site tends to offer the same kinds of odds as the majority of Australian bookmakers but there is value to be found and if you look carefully enough you should be able to find some really good prices.
Neds live betting and streaming
In Australia, there are certain restrictions on live betting and that does restrict the in-play market possibilities – but Neds have done all they legally can to offer customer account holders the chance to ramp up the excitement by following the events as they are in progress.
There is a live betting markets page in the main menu and you will instantly see what is available. The betting information is broken down by sport so you should easily find what you are looking for.
Due to the Australian regulations surrounding live betting, there may not be as many in-play betting choices as there might be in other locations around the world – but it is good that this site offers what it can. Note that, due to the Interactive Gambling Act in Australia, any form of live betting cannot be conducted online.
Please visit the operator’s website to find out more.
Unfortunately, there is no live streaming so you won’t be able to watch any of the events you have bet on using your Neds referrer code.
This is a rare negative when it comes to this bookmaker though – and it is possible that they will attempt to launch some kind of live streaming in the future to accommodate the many bettors who almost expect that kind of service from their bookies these days.
Neds mobile app
If the lack of streaming is a slight disappointment, the mobile app will probably make up for that. It tends to be the newer sports betting sites that recognise the need to have a very user-friendly mobile app – and this bookmaker has definitely delivered.
The app can be downloaded to iOS and Android devices and you can even sign up and activate your Neds referrer code using the app. All the same markets and odds are available to customer account holders and placing a bet is even simpler using the app than on the desktop version – and that’s saying something!
You can download the mobile app in the usual way and then discover the freedom that betting wherever you give you.
Payment Options
As much as you want the best odds and widest range of markets from your online betting site, you also want to know that your money is safe and secure at all times and that you can look after your funds with the minimum of fuss.
This site allows you to use a range of payment methods to move money in and out of your account – and there are no fees attached. These are the methods open to customer account holders:
- Visa debit cards
- MasterCard debit cards
- PayPal
- POLi
- BPay
As you can see, there are some newer methods on that list open to customers – and even some Australian money transfer sites if you like supporting local businesses.
Neds customer service
Although we hope that you never need to get in touch with an online sports betting company, it is good to know that if any issue at all ever arises there is a helpful customer service team on hand.
This bookmaker can be contacted by Freephone – from 8 am to 8 pm every day – and also by an email contact form through the site. For a more immediate response, there is also a live chat feature where you can get your problems solved in real time. The help team can also be contacted via their Twitter page.
Our review of Neds
It can be difficult for a newcomer to get a foothold in the betting industry – especially when the company is Australian and not as established as the British and Irish companies that dominate the market place. But Neds are definitely giving it a good go.
The design and usability of the site – both on a desktop and mobile app – is very impressive and the range of betting markets and odds is also a plus. If horse racing is your thing, then it is definitely worth checking outbut once you have received your Neds referrer code you can explore everything on the site for yourself.
| What we like | What we don’t like |
|---|---|
| Great range of betting markets | No Live Streaming |
| Excellent horse racing betting options | — |
| Easy to use the mobile app | — |
Neds referrer code FAQs
Is there a Neds referrer code currently available?
Yes. Check this site for details on how to use it.
Is there a Mobile App available?
Yes. You can download the Neds mobile App for iOS and Android devices.
Overview
In order to promote individual responsibility and accountability, ourselves, along with the Financial Conduct Authority (FCA) and HM Treasury, developed the Senior Managers and Certification Regime (SMCR) which applies to all PRA-regulated firms. The SMCR promotes the safety and soundness of regulated financial services firms and financial stability by strengthening the link between seniority and accountability.
We have additional measures to improve decision-taking and enhance prudent risk-taking and accountability. Our remuneration rules set out the standards that banks, building societies and designated investment firms have to meet when setting pay and bonus awards for their staff. The aim is to enhance accountability and promote the safety and soundness of PRA firms by ensuring that firms' remuneration practices are consistent with effective risk management.
Latest strengthening accountability updates
16 December 2020: We published our ‘Evaluation of the Senior Managers and Certification Regime (SM&CR)’ report, which sets out the findings of our review of the implementation of the SM&CR, to assess how it is delivering against its original objectives.
3 April 2020: Joint with the FCA, we published a statement on the ‘Senior Managers and Certification Regime and Coronavirus: Our expectations of firms’ relevant to dual-regulated firms.
4 March 2020: We published a letter on ‘PRA rules on board diversity’ to the Chairs of Solvency II insurers, large non-Directive firms and CRR firms from David Bailey, Executive Director of International Banks Supervision; Anna Sweeney, Executive Director of Insurance Supervision; Charlotte Gerken, Executive Director of Insurance; and Sarah Breeden, Executive Director of UK Deposit Takers Supervision.
February
24 February 2020: We published PS3/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapters 2 and 3’, relevant to UK banks, building societies, credit unions, PRA-designated investment firms, UK Solvency II insurance firms, third country insurance branches within the scope of the PRA’s rules transposing the Solvency II Directive, and the Society of Lloyd's and managing agents. All changes outlined in this PS take effect from Monday 24 February 2020.
Senior Managers and Certification Regime
The Senior Managers and Certification Regime (SM&CR) is intended to support a change in culture at all levels in the banking and insurance industries. The SM&CR was developed as part of the implementation of the recommendations in the final report of the Parliamentary Commission on Banking standards. The SM&CR was rolled out to banks in March 2016 and in December 2018 the regime was extended in full to insurers, replacing the Senior Insurance Managers Regime (SIMR).
The SM&CR comprises the following mutually supporting elements:
- Senior Managers Regime (SMR): the most senior decision-makers, or Senior Managers, at the firm must be assessed as fit and proper, have clearly defined responsibilities and be subject to enhanced conduct requirements, including the duty to take reasonable steps in fulfilling their responsibilities.
- Certification Regime: for key risk-taking employees below the top tier, firms need to determine on appointment and then certify annually that they are fit and proper to undertake their roles.
- Regulatory references: as part of the hiring process for senior decision makers and key risk-taking employees, firms must exchange mandatory employment references, containing information on prior conduct.
- Conduct Rules: all financial services staff are subject to minimum conduct standards requiring, among other things, that they act with integrity and due skill, care and diligence.
Corporate governance
Corporate governance: board responsibilities - Supervisory Statement 5/16 identifies, for the boards of firms we regulate, the aspects of governance to which we attach particular importance and to which we may devote particular attention in the course of firm supervision. It is not intended to provide a comprehensive guide for boards of what constitutes good or effective governance. There are more general guidelines for that purpose, for example the UK Corporate Governance Code, published by the Financial Reporting Council.
As set out in our supervisory approach documents, we expect the boards and management of regulated firms to run the business prudently, consistent with the firm’s own safety and soundness and the continuing stability of the financial system.
Our expectations of the collective responsibilities of directors and our policy (requirements and expectations) of individuals should be interpreted as being complementary.
On Wednesday 4 March 2020, we published a letter on ‘PRA rules on board diversity’ to the Chairs of Solvency II insurers, large non-Directive firms and CRR firms from David Bailey, Executive Director of International Banks Supervision; Anna Sweeney, Executive Director of Insurance Supervision; Charlotte Gerken, Executive Director of Insurance; and Sarah Breeden, Executive Director of UK Deposit Takers Supervision. This letter aims to reinforce the importance the PRA places on diversity for improving decision-making and providing effective challenge, and is a reminder of the requirement to comply with PRA rules in this area. We last sent a letter to Category 1 Credit Institutions and designated investment firms in August 2016 reminding them of the important role that diversity plays in promoting good governance.
On Friday 12 August 2016, we issued a letter to the chairs of banks’ boards reminding them of the important role that diversity plays in promoting good governance, and the obligations on firms in this area.
Firms should also see Chapter 3 of PS1/18 ‘Strengthening accountability in banking and insurance: optimisations to the SIMR’ which sets out requirements to strengthen governance through requiring insurers to take steps to encourage board diversity.
Key policy
For an overview of the accountability regimes and our expectations of firms, both at individual and board level, please see our key policy documents:
Remuneration
Remuneration rules for banking
Our remuneration rules set out the standards that banks, building societies and designated investment firms have to meet when setting pay and bonus awards for their staff. It aims to ensure that firms' remuneration practices are consistent with effective risk management.
Remuneration - Supervisory Statement 2/17 sets out our expectations of firms in relation to proportionality, the application of malus and clawback, other elements of remuneration, and additional expectations of firms. This supervisory statement is intended to be read together with the rules contained in the Remuneration Part of the PRA Rulebook.
Applying to vary a proportionality level
A firm or group that believes it should fall into a lower level than the one indicated in Chapter 2 of Remuneration - Supervisory Statement 2/17 may apply to us for individual guidance to vary its proportionality level.
The application will need to be supported by sound reasons explaining why you think a variation in your firm’s proportionality level is justified, with reference to remuneration proportionality rule 5.1 in the PRA Rulebook. Once we have received this information we will determine whether to give your firm guidance to move into a lower level.
To apply to vary your firm’s proportionality level, you should:
- Identify the firms within your group that the remuneration rules apply to directly and determine which proportionality level they fall into, based on Chapter 2 of Remuneration - Supervisory Statement 2/17.
- Prepare an application for individual guidance using the relevant application template below if you believe that a solo firm, the group, or an entity within the group should fall into a lower level than the proportionality level determined by the criteria set out in Table B of Chapter 2 of Remuneration -Supervisory Statement 2/17.
- Provide a separate request for each legal entity for which you are requesting individual guidance.
- Email completed application(s), supporting documents and all relevant contact details to remuneration@bankofengland.co.uk. You should copy in your usual supervisory contact where relevant.
- Be prepared to supply further information, if requested.
Application templates
We have three separate application templates tailored to the three most common types of request. This helps facilitate a consistent decision-making process and to help firms understand the type of information we may require when deciding whether to issue individual guidance. If your request does not fit one of these scenarios, you should contact your usual supervisory contact.
We will not charge firms for making these applications.
If you are applying for individual guidance to change your firm’s proportionality level, you should continue to apply the remuneration rules as relevant for your current proportionality level until we notify you of our decision.
You should not assume that applications to change proportionality level will be accepted.
For groups only: application to move an IFPRU limited license firm engaging in asset management activities from the group level into level 3
Template A
For groups only: general application to move a firm from the group level into a lower level (excluding IFPRU limited license asset management firms)
For standalone firms or firms that are the only firm directly caught by the remuneration rules in the group: general level change application
After we receive your application
Once we receive a complete application, we will:
- Log and acknowledge it.
- Discuss the application with your supervisor and other relevant PRA areas.
- Prepare the application for review at the appropriate decision-making forum.
- Inform you of the decision, providing the key reasons for that decision.
We will attempt to process applications and provide a decision within 30 working days of receiving it. However, if the request raises complex issues, it may not be possible to meet this deadline. To allow enough time for us to consider applications, firms should submit applications well in advance of the performance year end.
We will not make our decisions public. If we are minded to decline, we will send you details of the reconsideration process.
Self-assessment templates and tables
Our remuneration policy statement (RPS) templates allow firms to record remuneration policies, practices and procedures and assess compliance with the remuneration rules. The RPS tables allow firms to keep a record of all Material Risk Takers identified for the current performance year.
CRD IV data collection on remuneration practices
CRD IV: Data collection on remuneration practices – Policy Statement 11/14 sets out the remuneration data reporting requirements for the PRA Rulebook. We are required by the Capital Requirements Directive to collect information on:
- remuneration benchmarking
- high earners.
Firms are required to submit their Benchmarking Report and High Earners Report via the regulatory reporting system GABRIEL.
On 1 January 2016, the remuneration requirements in the Solvency II Regulation became directly applicable to Solvency II firms. National competent authorities are expected to ensure that Solvency II firms are compliant. We intend to monitor compliance with the regulatory requirements in the same way that we do for PRA rules.
Solvency II: Remuneration requirements - Supervisory Statement 10/16 clarifies our expectations of how Solvency II firms should comply with the key Solvency II remuneration requirements such as identification of Solvency II staff (Article 275(1)(d)), deferral (Article 275(2)(c)), and performance measurement (Article 275(2)(b), (d) and (e)).
On 9 May 2019 we published an updated Remuneration Policy Statement (RPS) reporting template for PRA Category 1 and 2 firms for the 2018 performance year for Category 1 and 2 firms to demonstrate compliance with the requirements, together with the Solvency II staff table. Firms in scope have been asked to submit a copy of their RPS for their most recent reporting period to BEEDS as an Occasional Submission by 31 July 2019.
For the 2019 performance year firms are not required to submit a copy of their Remuneration Policy Statement. However as per SS10/16 ‘Solvency II: Remuneration requirements’, firms are reminded that the PRA expects firms to keep a record of their assessment criteria applied and the final list of staff identified as Solvency II staff for each performance year.
On 29 November 2017, we published an updated Remuneration Policy Statement (RPS) reporting template for PRA Category 1 and 2 firms for the 2017 performance year to demonstrate compliance with the requirements, together with the Solvency II staff table. Firms do not need to send us a copy of the RPS unless requested to do so.
Whistleblowing
We have published two sets of policy which sets out our rules and expectations in relation to whistleblowing in firms.
On 6 October 2015 we published PS24/15 ‘Whistleblowing in deposit-takers, PRA designated investment firms and insurers’ and SS39/15 ‘Whistleblowing in deposit-takers, PRA designated investment firms and insurers’ that set requirements that:
- firms establish internal whistleblowing channels and inform their staff about these arrangements
- firms inform their staff about the whistleblowing services of the PRA and the FCA, as well as informing them of the legal protections offered under the Public Interest Disclosure Act 1998 (PIDA)
- wording in employment contracts and settlement agreements should not deter staff from whistleblowing.
In addition, on 26 April 2017 PS8/17 ‘Whistleblowing in UK branches’ set out requirements on:
- UK branches of non-EEA banks and both EEA and non-EEA insurers to inform their workers about the PRA and the Financial Conduct Authority (FCA) whistleblowing services
- any non-EEA deposit-taker with both a UK branch and UK subsidiary which is subject to the existing whistleblowing rules, to inform the UK branch staff about the subsidiary’s whistleblowing channel. This proposal did not apply to insurers.
We encourage firms to consider setting up appropriate internal procedures that will encourage workers with concerns to blow the whistle. It is our policy to encourage whistleblowers to use the procedures in their own workplace, but they may contact us instead if they think their employer:
- will cover it up
- would treat them unfairly if they complained
- hasn’t sorted it out and they’ve already told them.
Further information
Neds Deposit Bonus Code
Find out more about the PRA’s approach to supervision, and read about strengthening accountability in the PRA Annual Report and Accounts 2016/17, which also includes the Business Plan 2017/18.
Please see The National Archives for any material not available on this page.
Strengthening accountability news and publications
November
22 November 2019: The Senior Managers and Certification Regime was extended to insurers last year. As a reminder to firms, the deadline to complete the first round of the annual certification process is Tuesday 10 December 2019.
October
8 October 2019: HM Treasury published a letter from Lyndon Nelson, Deputy CEO, and Executive Director Supervisory Risk Specialists and Regulatory Operations, to the Chair of the Treasury Select Committee, regarding IT failures in the financial services sector.
September
27 September 2019: We published PS20/19 ‘Strengthening individual accountability: Resolution assessments and reporting amendments’, relevant to all PRA-regulated firms. All changes outlined in this PS will take effect from Monday 9 December 2019.
June 2019
7 June: We published Consultation Paper 12/19 ‘Strengthening individual accountability: Resolution assessments and reporting amendments’, with proposed amendments relevant to:
- UK banks and building societies with £50 billion or more in retail deposits on an individual or consolidated basis at the date of their most recent annual accounts
- All PRA-regulated firms including credit unions and small non-Directive insurers
The consultation closed on Wednesday 7 August 2019.
January 2019
7 January: The PRA published a note that clarifies the interaction between the PRA’s and FCA’s proposals for applying the Senior Managers and Certification Regime (SM&CR) to firms in the temporary permissions regime (TPR). In particular, this note includes a set of Frequently Asked Questions (FAQs) on how the two sets of proposals would apply to dual-regulated, EEA firms currently operating in the UK via an establishment passport through a branch (‘EEA branches’).
December 2018
10 December: The Senior Managers and Certification Regime (SM&CR) has been extended to insurers. The extension is being introduced through the application of the Commencement regulations that have been published by HM Treasury for the relevant amendments to the Financial Services and Markets Act 2000 (FSMA) in the Bank of England and Financial Services Act 2016. To reflect the extension, all references to ‘Senior Insurance Managers Regime (SIMR)’ and ‘Senior Insurance Management Function (SIMF)’ have been amended to ‘Senior Managers and Certification Regime (SM&CR)’ and ‘Senior Management Function (SMF)’ respectively.
Updated forms to reflect the extension are available on the Senior Managers Regime: approvals page.
For more details on the extension, please see PS15/18 ‘Strengthening individual accountability in insurance: Extension of the SM&CR to insurers’ and SS35/15 ‘Strengthening individual accountability in insurance’. The FCA has also updated its website to reflect the extension.
7 December: Due to essential maintenance ahead of the extension of the SM&CR to insurers, the Financial Services Register will be unavailable from 17:00 Friday 7 December to 09:00 Monday 10 December. Please see the Financial Services Register for more information.
November 2018
15 November: In line with our recent Letter to Level One firms’ Chairs of the Remuneration Committees ‘Change to supervising remuneration compliance for Level One firms’, we have updated the language within the Level 1 RPS template and data tables. These are available under ‘Self-assessment templates and tables’.
9 November: Ahead of the extension of the Senior Managers and Certification Regime (SM&CR) to insurers on Monday 10 December 2018, we published Policy Statement 27/18 ‘Strengthening accountability: Implementing the extension of the SM&CR to insurers (Part 2)’.
October 2018
18 October: Ahead of the extension of the SM&CR to insurers on Monday 10 December 2018, we published Policy Statement 26/18 ‘Strengthening accountability: Implementing the extension of the SM&CR to insurers’. Firms are also encouraged to see the note we published on ‘Redesignation of Senior Insurance Management Functions to Senior Management Functions, and the change-over to ‘Statements of responsibilities’ by insurers’.
September 2018
17 September: We published Consultation Paper 20/18 ‘Strengthening accountability: implementing the extension of the SM&CR to insurers (Part 2)’. This consultation closes on Monday 15 October 2018, so that final rules can be made in advance of implementation so as to give firms and industry participants certainty on the technical details of the regime prior to commencement on Monday 10 December 2018. Alongside the consultation, the PRA published a note on ‘Redesignation of Senior Insurance Management Functions to Senior Management Functions, and the change-over to ‘Statements of responsibilities’ by insurers’.
10 September: The FCA has published information on what insurers may need to do in preparation for the extension of the Senior Managers & Certification Regime on Monday 10 December 2018, see ‘Timeframes’ on the FCA’s Senior Managers and Certification Regime: insurers webpage. For information about PRA-led Senior Management Functions see PRA Supervisory Statement 35/15 ‘Strengthening individual accountability in insurance’.
July 2018
31 July: We published Consultation Paper 18/18 ‘Strengthening accountability: implementing the extension of the SM&CR to insurers’. This consultation closes on Monday 1 October 2018, which is intended to ensure that final rules can be made in advance of implementation so that the industry has certainty on the technical details of the regime prior to commencement on Monday 10 December 2018.
4 July: We published PS15/18 ‘Strengthening individual accountability in insurance: Extension of the Senior Managers and Certification Regime to insurers’.
The extended SM&CR for insurers will not come into effect until commencement regulations have been made by HM Treasury for the relevant amendments to FSMA in the 2016 Act. If necessary, the PRA will amend our rules accordingly.
February 2018
7 February: We published PS1/18 ‘Strengthening individual accountability in insurance: optimisations to the SIMR’, and an update to SS35/15 ‘Strengthening individual accountability in insurance’. Please note:
- the rule requiring insurers to have a diversity policy for their boards will become effective on Monday 9 April 2018;
- the rules to implement the optimisations to the SIMR will become effective on Monday 10 December 2018;
- the expectations in the updated version of SS35/15 will become effective from Monday 10 December 2018; and
- firms should submit the forms for the approval of individuals who will perform the Chief Operations function (SIMF24), or the Head of Large Business Area function (SIMF6), from Monday 10 December 2018.
On Wednesday 7 February we also issued a modification by consent of Fitness and Propriety 2.7 so that firms subject to ring-fencing may apply to be exempt from having to obtain regulatory references from firms outside their group in respect of certain intragroup employee transfers linked to ring-fencing transfers.
January 2018
On Monday 29 January HM Treasury announced that the extension of the Senior Managers & Certification Regime will come into effect on 10 December 2018.
July 2017
26 July: We published Consultation Paper (CP) 14/17 ‘Strengthening individual accountability in insurance: extension of the Senior Managers and Certification Regime to insurers’. The consultation closed on Friday 3 November 2017.
20 July: We published PS19/17 ‘Responses to CP2/17 Occasional Consultation Paper’ which includes policy on regulatory references and remuneration.
As set out in Strengthening individual accountability in banking and insurance: amendments and optimisations – PS12/17, on Monday 3 July 2017 the application of the Conduct Rules to notified non-executive directors (NEDs) became effective and apply to breaches identified on or after that date.
As of Monday 3 July 2017, firms are required to notify us of any internal disciplinary action due to breaches of the Conduct Rules against notified NEDs. In Strengthening accountability in banking and insurance: optimisations to the SIMR, and changes to SMR forms – CP8/17 we consulted on changes to the relevant form to submit these notifications (Form L). If your firm needs to make a relevant notification before the revised forms are finalised and published, you should send notifications through alternative means to your usual supervisory contact.
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