FCA proposes two-tier authorisation process for advisers

Proposals for widening out senior managers regime

Tom Ellis
clock • 4 min read

Financial advisers will be considered "certified" employees if they don't fill the role of "senior manager" in a firm, according to the Financial Conduct Authority's (FCA) proposals for widening out the senior managers regime.

In its consultation paper published on Wednesday, the FCA outlined three "baseline" elements, which will apply to all regulated financial services firms. These include the senior managers regime, which focuses on approved senior people in a firm; the certification regime, which covers those who aren't senior managers but can have "a big impact on customers, markets or the firm"; and conduct rules, which are basic rules and will apply to almost every person working in financial services. Most advisers are expected to fall in the certification regime, apart from sole traders, which will...

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

Understanding UK money habits: FCA's 2024 Financial Lives report key takeaways

Understanding UK money habits: FCA's 2024 Financial Lives report key takeaways

'Survey highlights significant challenges in financial resilience and pension savings'

Caitlin Southall
clock 12 June 2025 • 5 min read
Finfluencer trials delayed until 2027 due to court backlog

Finfluencer trials delayed until 2027 due to court backlog

Nikhil Rathi gave the update to aTreasury Committee hearing

Sorin Dojan
clock 10 June 2025 • 2 min read
Sustainability and market abuse concerns raised as FCA rings bell on PISCES launch

Sustainability and market abuse concerns raised as FCA rings bell on PISCES launch

PISCES regulatory regime now live

Linus Uhlig
clock 10 June 2025 • 3 min read