The Financial Conduct Authority and Prudential Regulation Authority have reformed the Senior Managers and Certification Regime (SMCR) to lower costs and boost flexibility.
The changes, set out today (22 April), included adding time to submit senior manager applications when there have been unexpected or temporary changes and removing the requirement to certify people to hold multiple overlapping functions. This is predicted to lower the number of certification roles required by close to 15%, the regulators noted. Annual "fit and proper" checks have been streamlined and thresholds for enhanced firms have been upped by 30%, making them applicable only to larger, more complex companies. Senior management roles have been better defined, updated deadlines ha...
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