Extension of the senior managers and certification regime

The Financial Conduct Authority (FCA) has published its final consultation on extending the senior managers and certification regime (SM&CR) to all firms. The FCA’s proposals will apply new FCA rules to a significant number of additional employees in the financial services sector and increase the accountability of senior managers.

The industry knew the change was coming, but now proposed rules are finally available, what do they say and exactly how “proportionate” is the FCA in its plans? Expanding on our initial summaries SM&CR: FCA proposes extension to all firms (July 2017) and SM&CR Extension 2019 (December 2017), in this briefing, we consider the detail of the FCA proposals in CP17/25 and CP17/40, which will apply to most firms except for banks and insurers in 2019.

To read our full briefing please click here.