As you know, the Senior Managers and Certification Regime will replace the existing Approved Persons Regime for solo-regulated firms on 9 December 2019. This drastically changes the way financial services professionals are regulated, and will bring solo-regulated firms – those regulated by the FCA only or by the Prudential Regulation Authority – in line with larger dual-regulated businesses such as insurers and banks, which are already subject to the SM&CR.
The aim of the SM&CR is to reduce harm to consumers and strengthen market integrity by creating a system that enables firms and regulators to hold individuals to account.
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