Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 15 FEBRUARY 2019

Senior Managers And Certification Regime: Major Changes On The Horizon

Ropes & Gray LLP
Ropes & Gray LLP
Contributor
Ropes & Gray LLP

Ropes & Gray LLP

Ropes & Gray is one of the world’s most respected law firms, with offices in key business and...

View firm profile
Explore more from Ropes & Gray LLP

From 9 December 2019, all FCA solo regulated firms, as well as EEA and third country branches will be subject to the SMCR which will replace the current Approved Persons Regime ("APR").

United KingdomGovernment, Public Sector
Rosemarie Paul
Rosemarie Paul
Kirsten Lapham
Kirsten Lapham
Chris Stott
Chris Stott
Author LinkedIn connections

What is changing?

  • From 9 December 2019, all FCA solo regulated firms, as well as EEA and third country branches will be subject to the Senior Managers and Certification Regime ("SMCR") which will replace the current Approved Persons Regime ("APR").

The SMCR aims to: 

  • make individuals more accountable for their conduct and competence;
  • encourage staff at all levels to take personal responsibility for their actions;
  • ensure firms and staff clearly understand and can demonstrate where responsibility lies.

  • Senior Managers will continue to be approved by the FCA. Employees that are not Senior Managers but are carrying out functions that could pose a risk of significant harm to the firm or its customers ("Certified Functions") will now be assessed as fit and proper by the firm.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

Budget Tracker (2026)

The Chancellor of the Exchequer faces the formidable challenge of delivering his first Budget amid economic headwinds, geopolitical instability, and a wave of ambitious government promises. With GDP growth forecast at just 1.1%, inflation at 3.4%, and public sector net borrowing exceeding £115 billion, can he balance fiscal responsibility with pledges to avoid raising Income Tax, National Insurance, or VAT while funding increased defence spending and social care reforms?
United KingdomGovernment, Public Sector
Travers Smith LLP
Travers Smith LLP
Article

Sanctions: Fortnightly Summary

The UK government has significantly expanded its sanctions framework targeting Russia, introducing measures against individuals and entities involved in military supply chains, energy sectors, cryptocurrency networks, and alleged human rights violations. These developments reflect an evolving enforcement landscape with new powers, increased scrutiny of sanctions evasion, and landmark legal clarifications affecting businesses operating in sanctioned jurisdictions.
European UnionGovernment, Public Sector
BCL Solicitors LLP
BCL Solicitors LLP
Article

Foreign Direct Investment (FDI) And National Security Screening

Angela Gregson of Weightmans and Sean Ryan of Whitney Moore compare Ireland's new foreign direct investment screening regime with the UK's established National Security and Investment Act, examining when notification is required, key procedural differences, and practical steps to navigate both frameworks. The analysis draws on recent annual reports to reveal how these regimes are operating in practice and what reforms are on the horizon.
United KingdomGovernment, Public Sector
Weightmans LLP
Weightmans LLP
Article

UK Weekly Sanctions Update - Weeks of August 3 and August 10, 2026

This weekly update examines the UK's latest sanctions developments, including amendments to general licences for oil projects and Lukoil entities, new guidance on banknote trading prohibitions, and expanded sanctions targeting Russian banks and shadow fleet vessels. The briefing also covers regulatory guidance from the Solicitors Regulation Authority on sanctions compliance risks.
United KingdomGovernment, Public Sector
Mayer Brown
Mayer Brown
Article

Peptides In Aesthetics And Wellness: The Regulatory And Criminal Risks Practitioners Need To Know

The aesthetics and wellness markets are seeing explosive growth in peptide treatments, but many practitioners may not fully understand the complex regulatory framework governing these products. What begins as offering an innovative treatment could escalate into criminal investigations, frozen bank accounts, and asset forfeiture proceedings under proceeds of crime legislation.
United KingdomGovernment, Public Sector
JMW Solicitors LLP
JMW Solicitors LLP