Ask The Expert: Extending The Senior Managers Regime, Implications For Asset Managers

I understand that, from 2018, the senior managers regime that already applies to UK banks and building societies will be extended to apply to investment firms and asset managers. What implications will the new regime have for me, as a senior manager at an asset management firm?

It is intended that the senior managers regime (SMR) that has applied to UK incorporated banks, building societies, credit unions and Prudential Regulation Authority (PRA)-designated investment firms in the UK since March 2016 will be extended to apply to investment firms, asset managers, mortgage brokers and consumer credit firms, to replace the Approved Persons Regime.

The proposal is to extend the regime to these firms, regulated by the Financial Conduct Authority (FCA), during 2018. It has not yet been announced when in 2018 this will happen.