What does the approved persons regime shake-up mean for advisers?

The Treasury is to implement changes in how senior figures at financial firms are authorised before they can take up their positions. The current approved persons regime, described by the Treasury as "failed", is to be replaced by a new 'senior person’s' regime. The move was outlined in the Parliamentary Commission on Banking Standards’ report, Changing banking for good, which was part of the government’s wider work on banking reform. As yet it remains unclear what this will mean for financial advisers, as both the Treasury and Financial Conduct Authority (FCA) have stopped short o...