FCA Releases Near Final Rules on SMCR Extension to the rest of the FS Industry and confirms implementation date

Today, the FCA published the long-awaited near final rules on the extension of the SMCR to those firms regulated by the FCA only: PS18/14 – Extending the Senior Managers and Certification Regime to FCA firms The Senior Managers and Certification Regime: Guide for FCA solo-regulated firms PS18/15 – Extending the Senior Managers and Certification Regime to Insurers The Senior Managers and Certification Regime: Guide for Insurers PS18/16 – Final Guidance: the Duty of Responsibility for Insurers and FCA solo-regulated firms CP18/19 – Introducing the Directory   The FCA is proposing to implement the rules as they were consulted upon with minor amendment. Set out below are some of the key highlights, FCA clarification and guidance. Test for being an enhanced firm: The FCA has made changes to the thresholds for when a firm meets the requirement to be an enhanced firm. Groups: As expected, the FCA is not prescribing a particular approach for groups that…

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