Replacing the old Approved Persons Regime for banks, building societies, credit unions, PRA-designated investment firms and UK branches of foreign banks, the Senior Management Regime will ensure that senior managers are held accountable for any misconduct within their area of responsibility and, importantly, puts new rules in place to ensure individuals at all levels in banking follow an appropriate standard of conduct.
TLT's track record of providing regulatory advice to a wide range of financial service providers, plus our strong links to industry bodies and regulators, perfectly places us to help you prepare for the new regime. Follow this hot topic area to keep track of the latest developments and advice, and get in touch if you'd like to speak to a member of the Financial Services Regulation team about any of the issues covered.
TLT offer bespoke detailed analysis and tailored training to help firms implement the SMCR. For more information should you have any implementation and training requirements, please contact Noline Matemera on Noline.Matemera@TLTsolicitors.com or 0333 006 0734.
On 12 October 2018, the FCA published a Guidance Consultation (GC 18/4) on the Senior Managers and Certification Regime on statements of responsibilities (SoRs) and responsibilities maps (which apply to enhanced firms).