FCA Consults On Extending Senior Managers And Certification Regime

The Financial Conduct Authority has finally published its proposals for the extension of the Senior Managers and Certification Regime (or "SMCR") that currently applies only in banks and other deposit takers to most FCA regulated entities who are not already covered by it.

There is no firm implementation date for the new rules but this is still expected to be in 2018. The proposals remain subject to further consultation and change until 3 November 2017 (and responses to the consultation can be submitted via the link below before then). Nevertheless, the current proposals do give a clearer flavour of how the rules will be rolled out and it would be a brave employer who waits for the final version to start the significant preparations likely to be needed.