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FCA publishes final rules on the SMCR

FCA publishes final rules on the SMCR; the final regulations on the extension of the SMCR to FCA solo-regulated firms.

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Published 30 July 2019

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  • Financial services

On Friday 26 July the FCA published its final rules on the Senior Managers and Certification Regime; the complete regulations on the extension of the SMCR to FCA solo-regulated firms.

The final rules, published on the FCA website, reflect the outcomes of a last round of consultation on changes to the SMCR, that begun in January of this year. The full policy statement on the FCA website has details of the finalised rules, with key changes confirmed to include:

  • Clarity on the requirements and scope of the Certification Regime;
  • Confirmation that the Head of Legal function is excluded from the requirement to be approved as a Senior Manager; and
  • Extending Senior Manager Conduct Rule 4 (SC4) to non-approved Executive Directors at Limited Scope firms.

All solo-regulated firms affected by the changes, now including authorised claims management companies, need to prepare to be compliant with the new regime by 9 December 2019.

Click here to find out more about how Collyer Bristow can help get your solo-regulated firm SMCR compliant.

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Shorter Reads

FCA publishes final rules on the SMCR

FCA publishes final rules on the SMCR; the final regulations on the extension of the SMCR to FCA solo-regulated firms.

Published 30 July 2019

Associated sectors / services

  • Financial services
  • Employment law for employers
  • Financial regulatory
  • Financial services

Authors

On Friday 26 July the FCA published its final rules on the Senior Managers and Certification Regime; the complete regulations on the extension of the SMCR to FCA solo-regulated firms.

The final rules, published on the FCA website, reflect the outcomes of a last round of consultation on changes to the SMCR, that begun in January of this year. The full policy statement on the FCA website has details of the finalised rules, with key changes confirmed to include:

  • Clarity on the requirements and scope of the Certification Regime;
  • Confirmation that the Head of Legal function is excluded from the requirement to be approved as a Senior Manager; and
  • Extending Senior Manager Conduct Rule 4 (SC4) to non-approved Executive Directors at Limited Scope firms.

All solo-regulated firms affected by the changes, now including authorised claims management companies, need to prepare to be compliant with the new regime by 9 December 2019.

Click here to find out more about how Collyer Bristow can help get your solo-regulated firm SMCR compliant.

Associated sectors / services

  • Financial services
  • Employment law for employers
  • Financial regulatory
  • Financial services

Authors

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