Regulatory experts have welcomed the Financial Conduct Authority's (FCA) proportionality-driven proposals for the extension of the Senior Managers and Certification Regime (SM&CR) to nearly all regulated firms, including asset and wealth managers, but warn those impacted now face a number of compliance challenges.
SM&CR currently only applies to deposit takers, but the regulator expects all firms to be covered by the beginning of 2018, essentially replacing the Approved Persons Regime. The FCA has proposed five...
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