FCA reveals plans to extend Senior Managers Regime to all financial services sectors

Extra burdens for largest firms

clock • 4 min read

The Financial Conduct Authority (FCA) has today unveiled its proposals for the extension of the Senior Managers and Certification Regime (SM&CR) to nearly all regulated firms, including asset managers.

SM&CR currently only applies to deposit takers, but the regulator expects all firms to be covered by the beginning of 2018, essentially replacing the Approved Persons Regime. The FCA proposed five conduct rules that will apply to all financial services staff at FCA-authorised firms enforcing individual accountability for acting "with integrity...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Prospectus Reform: How the FCA is dealing with mini-bond scandal ghosts

Prospectus Reform: How the FCA is dealing with mini-bond scandal ghosts

Focused on retail investor access to corporate bonds

Cristian Angeloni
clock 17 July 2025 • 3 min read
Campaign group pushes for Leeds Reforms parliamentary inquiry and pause

Campaign group pushes for Leeds Reforms parliamentary inquiry and pause

Cannot forget lessons learned from 2008 financial crisis, founder urges

Jen Frost
clock 17 July 2025 • 3 min read
Rachel Reeves reveals 'most wide-ranging reforms' in Mansion House speech

Rachel Reeves reveals 'most wide-ranging reforms' in Mansion House speech

Includes redress changes and wholesale Consumer Duty review

Cristian Angeloni
clock 16 July 2025 • 3 min read