SM&CR: FCA proposes extension to all firms

26 July 2017

This publication summarises the FCA's key proposals on extending the regime.

The FCA has published a consultation paper (CP17/25) on extending the Senior Managers and Certification Regime (SM&CR) to almost all financial services firms. The SM&CR currently only applies to banks, building societies, credit unions and PRA-designated investment firms. However, in May 2016 Parliament made legislative changes requiring the FCA to apply the SM&CR more widely.