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ARTICLE · 27 DECEMBER 2017

Extension Of Senior Managers & Certification Regime: Latest Update

Clyde & Co
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The FCA's plans to move firms and individuals in the wider financial services sector to the Senior Managers and Certification Regime (SM&CR) is now likely to be mid-to-late 2019 ...

United KingdomFinance and Banking
Clyde & Co LLP
Clyde & Co LLP
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The FCA's plans to move firms and individuals in the wider financial services sector to the Senior Managers and Certification Regime (SM&CR) is now likely to be mid-to-late 2019, rather than during 2018 as previously envisaged.

In July this year, the FCA published its proposals for extending the SM&CR to almost all FCA regulated firms. New consultation papers published on 13th December 2017 develop these proposals further by seeking views on:

  • How the FCA should move firms and individuals to the new regime
  • Associated consequential changes to the FCA Handbook
  • How the FCA will enforce the Duty of Responsibility

This briefing note summarises the main proposals contained in these latest consultation papers, but to understand the full set of proposals so far, read this note in conjunction with our earlier client update summarising the FCA's July 2017 consultation (CP17/25 - Extending the SM&CR to FCA regulated firms).

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