FCA and PRA streamline SM&CR requirements
UK financial firms must update SM&CR certification, senior-manager filing and enhanced-firm threshold controls
Change
The FCA and PRA streamlined SM&CR requirements by reducing overlapping certification roles, raising enhanced-firm thresholds by 30%, and giving firms up to 12 weeks to submit senior manager applications after unexpected or temporary changes.
Why it matters
The reforms change the operating scope of SM&CR compliance while keeping senior-manager accountability in place. Firms must update certification mapping, enhanced-firm classification, fit-and-proper checks, criminal-record-check validity, senior-manager application workflows, responsibilities updates and directory-update processes to match the revised regime.
Implications
- — SM&CR compliance teams at UK financial firms must update certification mapping to remove overlapping certification functions and reflect the reduced certification-role scope.
- — Regulatory affairs and HR teams must revise senior-manager application workflows so unexpected or temporary changes use the new 12-week submission window.
- — Compliance teams at firms near enhanced-SM&CR thresholds must reassess firm classification against the revised thresholds raised by 30%.
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