The Financial Conduct Authority (FCA) is tightening up its rules, replacing the current Approved Persons Regime with the Senior Managers and Certification Regime (SM&CR). The regime has already been operating in the banking sector for some time and will next year extend to the financial services sector.
This change will affect all FCA-regulated firms including non-UK firms with permission to carry out regulated activities in the UK, and it will focus on three key areas:
1. The Senior Managers Regime
2. The Certification Regime
3. Conduct Rules