LONDON (Reuters) -Britain’s Financial Conduct Authority and Prudential Regulation Authority proposed changes on Tuesday to simplify the senior managers and certification regime in a bid to reduce red tape for financial firms.
“We are proposing streamlining the rules, so they work better for industry and support competitiveness… while maintaining the high standards the regime has set,” FCA Chief Executive Nikhil Rathi said.
The proposals include giving firms more time to appoint senior managers in unexpected situations, cutting duplication in certification roles and extending the validity of criminal record checks.
The consultation, part of broader efforts to support growth in financial services, runs until October 7.
(Reporting by Sachin Ravikumar, writing by Sam Tabahriti)
