FCA confirms incoming senior managers regime starts December 2019

The regulation, which aims to "reduce harm to consumers" by making senior people in firms more responsible and accountable for their actions, was first rolled out to banks but has now been extended to the rest of the UK financial services sector. Under the new regime, the following roles will be considered senior manager functions (SMFs): chief executive (SMF1), executive director (SMF3), chair (SMF9), compliance oversight (SMF16), money laundering reporting officer (SMF17) and partner (SMF27). The regulator said the SM&CR does not change required functions from the current approved p...