Extending the Senior Managers & Certification Regime


The FCA has issued two consultation papers on their proposals to extend the Senior Manager and Certification regimes across the financial services industry.  The first paper covers most of the firms for whom the regulations will be new.  The second paper focuses upon Insurers who have gone someway to implement the Senior Insurance Managers Regime but are still to tackle the requirements of the Certification Regime and The Code of Conduct.

The FCA has set a response deadline of 3 November to get feedback to their paper which includes 38 questions where they have asked for specific feedback. Their intention is to release formal rules next year with an implementation date set when the final rules are ready.  In the meantime we must expect further consultations on how to deal with Appointed Representatives and the Technical aspects of implementation including the transitional arrangements.

In the meantime the following tables that summarise the main changes might be useful in stimulating conversation based on CP17/25

SM&CR Summary







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I provide consultancy and support to UK based financial services companies helping them to design and implement practices that develop their people, achieve their business goals and comply with the needs of the regulators. I specialise in T&C, competence assessment and conduct which may be of particular interest to companies as they address the requirements of the Certification Regime and Code of Conduct requirements. My specialities include: Knowing you have a business to run Valuing your people as your greatest asset Keeping things simple, practical and relevant Engaging the business to promote ownership Ensuring Compliance is a natural by product of doing things well

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