Mar 18, 2025 · Based on these recommendations, Parliament passed legislation in December 2013, leading to the FCA and PRA applying the SM&CR to the banking sector from March …

Mar 18, 2025 · The most senior people in a firm who perform key roles (Senior Management Functions or SMFs) need FCA or PRA approval before starting their roles. See how the Senior …

Dec 10, 2018 · The PRA has requirements corresponding to the senior managers and certification regime that apply to PRA-authorised persons. The FCA and PRAs’ regimes are designed to …

Mar 30, 2023 · The Certification Regime covers specific functions that aren’t Senior Management Functions, but can have a significant impact on customers and/or the firm. These roles are …

The SM&CR will apply to all FCA solo-regulated firms authorised under Financial Services and Markets Act 2000 (FSMA), as well as EEA and third-country branches.

The FCA considers that treating a potential benchmark waiver firm (as defined in SYSC 23 Annex 1 6.13R(2)) as a core SMCR firm may be unduly burdensome as contem-plated by section …

Aug 9, 2023 · In December 2022, the government announced, as part of the Edinburgh Reforms, that the Treasury, FCA and PRA would review the SM&CR. Find out more information about …

Aug 30, 2019 · This page explains the FCA's final guidance on practical assistance and information to solo-regulated firms when preparing their Statements of Responsibilities and …

26 1 Introduction About the guidance 1.1 The purpose of this guidance is to give FCA solo-regulated firms practical assistance and information on preparing the Statement of …

Dec 10, 2018 · A firm must allocate each of the FCA-prescribed senior management responsibilities in the table in SYSC 24.2.6R that apply to it to one or more SMF managers of …