FCA consultation on extending SMCR to Benchmark Administrators

Industry News | 29/11/19

The Financial Conduct Authority (FCA) has published CP 19/31: Extending the Senior Managers Regime to Benchmark Administrators. The Senior Managers Regime (SMR) will come into force for benchmark administrators on 7 December 2020.

The FCA is proposing that all benchmark administrators are automatically classified as ‘Core’ firms under the regime. Recognising that benchmark administrators vary in size and complexity, the FCA is proposing that they be able to use the FCA’s existing waiver process to apply for “Limited Scope” categorisation if appropriate.

The FCA proposes not to apply the Certification Regime to benchmarks administrators, as the Benchmarks Regulation contains requirements on administrators to ensure employees are fit and proper. The consultation closes on 28 February 2019.