Reference Case Number: FOI8939
Freedom of Information: Right to know request:
Q1) For each year since 2016 inclusive:
a) How many investigations have been opened under the Senior Managers' Regime, where one or more of the individuals investigated is a Senior Manager?
b) How many successful enforcement actions have been taken due to an investigation under the Senior Managers' Regime, where one or more of the individuals investigated is a Senior Manager?
Q2) How many enforcement investigations under the Senior Managers' Regime, where one or more of the individuals investigated is a Senior Manager, remain open as of 11th January 2022?
Q3) For each year since 2016 inclusive:
a) How many investigations opened under the Senior Managers' Regime, where one or more of the individuals investigated is a Senior Manager, involved non-financial misconduct?
b) How many successful enforcement actions, resulting from an investigation under the Senior Managers' Regime where one or more of the individuals investigated is a Senior Manager, involved non-financial misconduct?
FCA response:
In considering the information below, please be aware of the following points:
- The Senior Managers and Certification Regime (SM&CR) has applied to Senior Manager Functions (SMFs) at UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA since 7 March 2016.
- SMFs at dual-regulated insurers (regulated by both the FCA and PRA) have been subject to the SMCR since 10 December 2018.
- The SM&CR replaced the Approved Persons Regime (APER) for SMFs from 9 December 2019 for solo-regulated firms regulated by the FCA only.
- For banking firms, the FCA Code of Conduct (COCON) was extended to non-SMF staff from 07 March 2017. For insurance firms, COCON was extended to apply to non-SMF staff from 09 December 2019. It was extended from 31 March 2021 for solo regulated firms. The COCON rules apply to those staff that fall under the SMCR.
Potential misconduct by individuals at firms prior to the dates listed above when the new regimes became effective is largely captured under APER (Approved Persons Regime).