PS26/6: Senior Managers and Certification Regime review

Read PS26/6 (PDF)

Why we are changing

We want to make the regime more efficient and proportionate while maintaining strong individual accountability. 

Phase 1 brings in targeted measures to reduce unnecessary burden for firms, including on: 

• Criminal record checks and disclosure.
• 12-week rule.
• SMF 7 (group entity senior managers) and SMF 18 (other overall responsibility functions).
• Statements of responsibilities and management responsibilities maps. 
• Certification Regime. 
• Directory of certified and assessed persons. 
• Regulatory references. 
• Conduct Rules. 
• Prescribed responsibilities. 
• Thresholds for becoming an ‘enhanced’ SM&CR firm. 

Who this is for

• All solo-regulated and dual-regulated firms already in scope of the SM&CR. This includes third country branches.  
• Dual-regulated firms should read it alongside the PRA’s Policy Statement. 

Next steps

Most changes take effect on 24 April 2026, so firms can benefit from them straight away.  

Improvements to regulatory reporting and processes will apply from 10 July 2026. This gives firms and us time to make changes to processes and procedures.

Changes made to align with PS25/23: ‘Tackling non-financial misconduct in financial services’, apply from 1 September 2026.

If the Treasury’s proposed changes proceed, we expect to consult on a second phase of broader reforms later in 2026. 

Background  

We consulted on changes in CP25/21 in July 2025, in parallel with the PRA (CP18/25).

The SM&CR seeks to reduce harm to consumers and strengthen the functioning of the market by making sure financial services professionals:

• Are individually accountable to their employers and to the regulators.
• Meet expected standards of conduct. 

It is set out in the Financial Services and Markets Act 2000 (FSMA) and implemented through the FCA Handbook and through PRA rules for dual-regulated firms.