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.

Neil Smart is head of the Regulatory Services Department at Sintons. To speak to Neil about this or any other matter, contact him on 0191 226 3731 or

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