FCA consults on optimising the SM&CR

On 23 January 2019, the FCA published Consultation Paper 19/4 (CP19/4), ‘Optimising the Senior Managers & Certification Regime (SM&CR) and feedback to DP16/4 – Overall responsibility and the legal function’. CP19/4 should be read by firms subject to the banking SM&CR; insurers; FCA solo-regulated firms authorised under FSMA; and EEA and third country branches. The SM&CR was introduced for banking firms in 2016 and insurers in December 2018. It will apply to solo-regulated firms from December 2019. Near final rules for the SM&CR were produced in July 2018 and final rules for insurers in September 2018. When consulting on these rules, the FCA identified areas where change may be required. CP19/4 sets out the proposed changes to help firms adjust to the SM&CR. The core proposals of CP19/4 are set out in chapters 3 – 5, which concern: clarifying the application of the SM&CR to the Legal Function; amending the intermediary revenue…

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