FCA Issues Consultation Paper on SM&CR

The FCA has issued further consultation on the Senior Managers and Certification Regime (SM&CR) and is requesting comments on a paper entitled ‘Optimising the Senior Managers & Certification Regime and feedback to DP16/4 – Overall responsibility and the legal function’ by 23rd April 2019.

The paper clarifies and amends certain elements of the SM&CR for banking firms, insurers and FSMA-authorised solo-regulated firms.

Near final rules were published in July 2018 with final rules for insurers published in September 2018.

The FCA is now consulting as they have identified areas where changes need to be made and some extra clarity provided in order to help firms as they adjust to the SM&CR.

It is proposed that the changes outlined in the Consultation Paper will be made before the SM&CR comes into force for solo-regulated firms on 9 December 2019.

About the author

Bruce has worked in financial services for the whole of his professional life, including 11 years as a Compliance Director of a US owned Independent Financial Advisory and Wealth Management business. At RWA, Bruce is Compliance Director and leads the Audit and Conduct Risk department from our Manchester office. He is RWA's lead consultant to the Guernsey Financial Services Commission (GFSC).

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