FSE 2017: FCA outline SM&CR guidelines

Jessica Nangle

September 13, 2017

The FCA has outlined the main criterion of their Senior Managers and Certification Regime (SM&CR) rules in the hope of furthering their industry reach and understanding at the Financial Services Expo in London.

The presentation explained what the rules were and why the FCA were making changes to past rules, as these guidelines replace the Approved Persons Regime and will apply to all FSMA authorised firms.

There are three parts to the SM&CR which includes the Senior Managers Regime, the Certification Regime; and Conduct Rules which include acting with integrity; with due care, skill and diligence; and being open and co-operative with the FCA.

These rules were created with the aim of “reducing harm to consumers and strengthen market integrity by making individuals more accountable for their actions,” as said in a presentation by Peter Ewing, technical specialist, accountability at the FCA.

Ewing also detailed the Senior Manager Scheme for the most senior members of a firm who the FCA believe have the “ultimate responsibility” for an organisations’ actions.

The FCA are welcoming responses to their Consultation Paper by 3 November, and the regulator expects the regime to commence by 2018.

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