Today we publish final rules on the extension of the Senior Managers and Certification Regime (SM&CR) to FCA solo-regulated firms, including claims management companies.
The Senior Managers and Certification Regime (SM&CR) is being extended to FCA solo-regulated firms on 9 December 2019. The SM&CR aims to strengthen individual accountability and help set a new standard of personal conduct for people working in financial services.
In January 2019, in CP 19/4 we consulted on changes to optimise the SM&CR. This Policy Statement summarises the feedback we received to Consultation Paper 19/4, our response to the feedback and sets out our final rules. These rules are relevant to all SM&CR firms, including CMCs.
In general, we have implemented the proposed changes to the SM&CR as consulted on, which include:
- confirming that the Head of Legal function is excluded from the requirement to be approved as a Senior Manager
- clarifying the requirements and scope of the Certification Regime
- extending Senior Manager Conduct Rule 4 (SC4) to non-approved Executive Directors at Limited Scope firms
For more information, please read the policy statement on our website.