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FCA publishes final rules on the SMCR

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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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30 July 2019

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Authors

Andrew Granger

Partner

Talk to Andrew about Employment law for employees & Employment law for employers

Nigel Brahams

Partner

Talk to Nigel about Corporate & Financial regulatory & Private equity

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.

30 July 2019

Authors

Andrew Granger

Partner

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Nigel Brahams

Partner

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