The Senior Managers and Certification Regime – December 2019 Implementation
The Senior Managers and Certification Regime (SM&CR) which replaced the Approved Persons Regime (APER) came into force for banks, building societies and credit unions in March 2016 and in December 2018 was extended to insurers. From the 9th December the SM&CR will apply to all FCA solo-regulated financial services firms authorised under the Financial Services and Markets Act (FSMA). The aim of the SM&CR is to reduce harm to consumers and strengthen market integrity by creating a system that enables firms and regulators to hold individuals to account.
A copy of the FCA guide on the SM&CR can be found here.
Overview of the SM&CR regime can be found in the FCA handbook here.