Extension of the Senior Managers and Certification Regime

The original Senior Managers and Certification Regime (SMCR) came into effect in March 2016 for most PRA-authorised firms (banks, building societies, credit unions, and PRA-designated investment firms). The extended SMCR took effect for insurers on 10 December 2018, and on 9 December 2019 for FCA solo-regulated firms. The SMCR introduces a new framework for individuals working in financial services firms, based around three key elements:

  • The Senior Managers Regime – an approval regime for individuals performing Senior Management Functions
  • The Certification Regime – firms are solely responsible for assessing the fitness and propriety of employees who could pose a risk of significant harm to the firm or its customers
  • The Conduct Rules – basic conduct standards applicable to most employees of the firm (save for purely administrative staff)


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