FCA publishes guidance on competency and capability

The FCA has added a webpage to its website explaining the competency and capability requirements of heads of compliance and MLROs as SMF holders under the SMCR regime. The FCA notes that firms should carefully consider how individuals can demonstrate compliance with the requirements before seeking regulatory approval.

To aid firms with this assessment, the webpage provides examples of what previous successful applicants have done to show that they should be approved. This guidance sits under 4 categories:

  • Training
  • Experience
  • Support from third parties
  • Capacity

Emma Bond