FCA publish proposals to extend Senior Managers and Certification Regime
The extended SM&CR regime will have three main pillars:
- Five Conduct Rules to apply to all staff (acting with integrity, due skill and and care, openness with FCA, Treating Customers Fairly and good market conduct)
- Senior Managers will be approved by FCA, have their responsibilities clearly set out and held personally accountable for failings
- Individuals not covered by SMR but with significant influence to be certified by firms for fitness, skill and propriety at least once a year
Approved Persons in Appointed Representatives are not covered: Senior Managers of principal firms remain fully responsible for ensuring their Appointed Representatives and networks comply with FCA rules.
You can keep up with the latest SM&CR developments and the implications for you and your firm by attending our focused workshops: Meeting your Responsibilities under SMR and APER and Senior Managers and Approved Persons - the Role of HR.