FCA has published guidance in DEPP on how it will enforce the duty of responsibility. The guidance is already in force, applying from 3 May. It applies to UK banks, building societies, credit unions, PRA-designated investment firms, and incoming branches of overseas firms, and their Senior Managers. A new rule explains when FCA can take action against an SMF manager whose firm has contravened a relevant requirement and the process it must follow. It sets out a list of examples of what FCA may take into account in its determination, and factors that may be relevant to its decision.