SM&CR extension to 47,000 FCA-regulated firms takes effect

Regulatory Updates | 09/12/19

The Financial Conduct Authority (FCA) has issued a press release announcing the extension of the Senior Managers and Certification Regime (SM&CR) to around 47,000 firms, including senior managers and certification staff in those firms, as of 9 December 2019. Solo-regulated firms will need to ensure that all relevant staff are trained on the Conduct Rules and how they apply to their roles. They will also need to ensure that all staff in certified roles are fit and proper to perform that role, and are issued with a certificate. Firms will also need to submit data to the FCA for the new directory of key people working in financial services.