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The Financial Conduct Authority (FCA) has set out changes to the Senior Managers and Certification Regime (SM&CR), aimed at making the framework more efficient and proportionate while maintaining high standards of accountability.
The updates include a range of measures to streamline processes, such as reducing overlapping certification requirements, simplifying annual ‘fit and proper’ checks, and extending timeframes for submitting applications and reporting updates. The FCA has also revised thresholds for enhanced firms and clarified certain senior management roles.
Most changes took effect from 24 April, with a small number to follow in July to allow firms time to adjust processes. The FCA has indicated that further reforms may be consulted on later this year, subject to legislative developments.
The BVRLA is updating its guidance and training in line with these changes, with further details to be shared shortly.
More information on the FCA website: PS26/6: Senior Managers and Certification Regime review.
Members with any questions are asked to email [email protected].
