FCA publish proposals to extend Senior Managers and Certification Regime

FCA publish proposals to extend Senior Managers and Certification Regime

Published: Jul 31, 2017

The extended SM&CR regime will have three main pillars:

  1. 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)
  2. Senior Managers will be approved by FCA, have their responsibilities clearly set out and held personally accountable for failings
  3. 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.

 

 

 

 

 

 

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