Taking responsibility: the FCA’s Senior Managers and Certification Regime
Charles Proctor, Partner, Fladgate LLP (cproctor@fladgate.com)
The Financial Conduct Authority (FCA) has recently consulted on replacing its Approved Persons Regime with the Senior Managers and Certification Regime (SM&CR) for all FCA solo-regulated financial services firms. The aim of the SM&CR is to improve accountability within financial services firms and to raise standards of conduct. The SM&CR was originally introduced for banks and large investment firms, largely in response to the financial crisis, but is now being extended to apply to financial services firms more generally.
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Taking responsibility – the FCA’s Senior Managers and Certification Regime
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