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We are consulting on how FSMA authorised firms and individuals will move to the Senior Managers and Certification Regime.
The Senior Managers and Certification Regime aims to make individuals more accountable for their conduct and competence. Earlier this year, we consulted on how the regime will apply to firms and individuals. This consultation paper focuses on how we will move firms and their senior staff over to the new the regime.
We’re calling this process ‘conversion’, and our aim is to make it simple, clear and proportionate. For the majority of firms, we are planning to automatically convert Approved Persons Regime (APR) approvals to Senior Management Functions. This means the majority of firms won’t need to submit anything to the FCA to make this happen.
We’ve proposed different approaches to mov
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