Extension of the Senior Managers and Certification Regime comes into force

The FCA has extended the Senior Managers and Certification Regime (SM&CR) to solo-regulated firms, including senior managers and certification staff in those firms.

The SM&CR already applies to the banking and insurance sectors and the FCA says that today’s extension is a key step to creating a culture across financial services where individuals step forward and take accountability for their own actions and competence.

The SM&CR encourages greater individual accountability and sets a new standard of personal conduct in financial services by:

  • ensuring senior managers are accountable for conduct in their areas of responsibility;
  • ensuring a minimum standard of behaviour for everybody working in the sector through the Conduct Rules; and
  • enhancing professionalism in the industry by requiring firms to certify that their staff are fit and proper.

Today will serve as a reminder for many firms who are still grappling with implementation of the Regime, particularly in relation to the new rules around fit and proper assessments, staff training and Directory entries.

For more information on the implementation of SM&CR, click here.


FIN. Team