FCA and PRA streamline senior-manager accountability regime
UK financial firms get longer SM&CR filing windows and fewer certification roles
Change
FCA and PRA confirmed reforms to the Senior Managers and Certification Regime, changing senior-manager application timing, certification-role scope, responsibility updates and enhanced-firm thresholds.
Why it matters
The reforms reduce overlapping certification requirements and raise many enhanced-firm thresholds by 30%. Firms now have more time to submit senior-manager applications after unexpected or temporary changes and more time to update senior-manager responsibilities and directory records.
Implications
- — UK financial firms subject to SM&CR must update senior-manager application procedures because firms now have up to 12 weeks to submit an application after an unexpected or temporary change.
- — SM&CR compliance teams must reduce duplicate certification mapping because FCA and PRA removed the need to certify individuals for multiple overlapping functions.
- — Firms near enhanced-scope thresholds must recalculate their SM&CR classification because many enhanced-firm thresholds have been raised by 30%.
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