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ARTICLE · 25 OCTOBER 2016

Senior Managers And Certification Regime | Changes To Functions, Responsibilities And Scope Of Conduct Rules

Deloitte
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On 28 September, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) issued a suite of publications setting out a number of proposed amendments...

United KingdomFinance and Banking
Nikki Lovejoy
Nikki Lovejoy
Richard Burton
Richard Burton
Rebecca Walsh
Rebecca Walsh
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On 28 September, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) issued a suite of publications setting out a number of proposed amendments and optimisations to the Senior Managers and Certification Regime (SMCR) for banking firms. In addition to providing feedback on firms' grandfathering submissions they introduce a number of changes which will impact existing Senior Manager Function holders (SMFs).

Below we set out the proposed changes and identify the questions that firms should now be seeking to answer to ensure their SMCR frameworks factor these change in.

Duty of responsibility

The FCA is consulting on adding guidance to the DEPP sourcebook on the statutory duty of responsibility for SMFs including guidance on:

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