On 26 July, the FCA published its latest policy statement (PS19/20) on the Senior Managers and
Certification Regime (SMCR), together with the
near-final rules on the extension of the SMCR to most
solo-regulated firms.
The FCA most recently consulted on proposed changes optimising SMCR
in January this year, seeking to clarify the application of SMCR to
the Legal Function, amend the intermediary revenue criterion for
the Enhanced Regime, amend certain elements of the Certification
Function (the scope of the Client Dealing Function and clarifying
the application to systems and controls roles), together with
proposing some other minor changes. (See our blog post on the
consultation paper here).
