News Story

Senior Managers & Certification Regime for FCA-regulated firms

Release Date: 
09/07/2018

The Financial Conduct Authority (FCA) has published its final rules and guidance for the Senior Managers & Certification Regime for regulated consumer credit firms. The regime will replace the existing Approved Person Regime.

The aim of SM&CR is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence.

As part of this, the SM&CR aims to:
• encourage a culture of staff at all levels taking personal responsibility for their actions
• make sure firms and staff clearly understand and can demonstrate where responsibility lies

The SM&CR already applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA.

The BVRLA will be reviewing the guide and looking to provide further advice for members in due course.

As a starting point there is a checklist at Annex 2 of the FCA’s guide which members may find useful to review and start determining what their implementation plan is.

Links to the guide and final policy statement:
https://www.fca.org.uk/publication/policy/guide-for-fca-solo-regulated-f...
https://www.fca.org.uk/publication/policy/ps18-14.pdf

Any questions please contact BVRLA Operations Manager, Amanda Brandon