Deadline day for firms to send in forms identifying their senior staff under grandfathering rules for the Senior Managers Regime is tomorrow

Hayley Kirton
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The Regime itself will come into force for the banking sector in March (Source: Getty)

The Senior Managers Regime is taking one step closer to implementation, as many firms have until tomorrow to submit paperwork listing their senior staff members.

Firms affected by the Senior Managers Regime, which include banks, building societies and certain investment firms, must file grandfathering notifications for staff members who have either already been approved or whose approval is pending with either the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) no later than 8 February.

Any revisions to these forms need to be made before 7 March 2016, which is when the Regime will come into force for the banking sector.

The Senior Managers Regime, which is designed to boost the accountability of individuals working in the finance sector, will require senior staff to adhere to a Statement of Responsibilities, outlining the areas which they are personally accountable for.

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The Treasury had also proposed a reverse burden of proof, whereby senior executives would be deemed guilty until they could prove themselves innocent for any misconduct that happened on their patch, but this was dropped last October.

Instead, the Regime will impose a "duty of responsibility", under which managers will be required to take reasonable measures to prevent misconduct.

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