Counting down to regulatory changes in December
The extension of the Senior Managers and Certification Regime to FCA-regulated firms falls on 9 December. You should be starting preparations now.
The regime centres on accountability, culture and governance. It aims to:
- Encourage staff to take personal responsibility;
- Improve conduct at all levels of the financial services industry;
- Ensure business leaders and staff understand who does what within a firm.
There are three tiers to it, as follows:
- Core firms: includes those currently subject to the full approved persons regime;
- Limited scope firms: includes sole traders and authorised professional firms whose only regulated activities are non-mainstream ones;
- Enhanced regime firms: includes firms with assets under management of £50bn or more and those with intermediary regulated business revenue of £35m or more per annum.
To read Jon's full article, click here.