What To Expect From The New Senior Managers Regime
By Arun Srivastava, Mark Simpson and Richard Powell (October 24, 2017, 11:39 AM EDT) -- This autumn the Financial Conduct Authority (FCA) is consulting on extending the Senior Managers and Certification Regime (SMCR) from dual to solo-regulated firms — that is to say, it will cover the majority of firms supervised by the FCA. The FCA believes that the implementation of the Senior Managers Regime for banks, as recommended by the Parliamentary Commission on Banking Standards, has been a success, the benefits of which should be extended to other financial services businesses. In line with proportionality considerations, the FCA's proposals apply the regime in a modified form to firms, depending on their permissions, size and complexity. This means a three-tiered approach, with a "core regime" likely to apply to the majority of regulated firms, additional requirements for so-called "enhanced firms" and a lighter touch for "limited scope" firms....
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