'Child of the financial crisis': Pressure points for firms following FCA's SM&CR extension

Experts respond

Mike Sheen
clock • 4 min read

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 conduct rules that will apply to all financial services staff at FCA-authorised firms, enforcing individual accountability for acting "with integrity...

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