PRA and FCA Propose Changes to Senior Actuarial Approvals

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published further proposals to simplify the

(SM&CR), including changes to the approval process for Chief Actuaries and With-Profits Actuaries.

The proposals aim to reduce regulatory burden while maintaining professional standards and accountability. These potential changes could have important implications for insurers and those undertaking senior actuarial roles.

The consultation is open until 22 January 2027.

CP14/26 – Review of the Senior Managers and Certification Regime (SM&CR) – Phase 2 | Bank of England – the UK’s central bank