FCA extends Senior Managers and Certification Regime to 47,000 firms
Senior Managers and Certification Regime

FCA extends Senior Managers and Certification Regime to 47,000 firms

The FCA has extended the Senior Managers and Certification Regime (SM&CR) to approximately 47,000 firms.

This will include senior managers and certification staff in the respective firms.
By 9th December 2020, solo-regulated firms will need to ensure:
  • all relevant staff are trained on the conduct rules and how they apply to their roles
  • all staff in certified roles are fit and proper to perform that role and are issued with a certificate
  • they submit data to the FCA for the directory of key people working in financial services
Jonathan Davidson, executive director of supervision for retail and authorisations, said: “The SM&CR is an important way to ensure that individuals take personal responsibility and it is a catalyst for driving cultural transformation.”
Michael Ruck, financial services partner at TLT LLP (pictured above), commented: “The SM&CR represents a cultural revolution in financial services.
“Leadership, in particular, needs to gain a comprehensive understanding of the regulation and of what a conduct breach looks like so that staff can be properly trained, ideally in a bespoke way.”

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