FCA U-turns on administrative SM&CR rules

In its latest consultation on the incoming Senior Managers & Certification Regime (SM&CR), the regulator said it had received "a large volume of feedback" requesting clarity on whether the certification regime - the second tier of its incoming three-tier regulation - applies to staff who interact with clients but only in administrative capacities, as it originally proposed. The three-tier regime will consist of senior managers, certified employees and then the rest of financial services employees, who will be subject to conduct rules. Senior managers - the most senior people within fi...