Regulatory Alerts2017-12-12
Added · Updated
CP17/40: Individual accountability: Transitioning FCA firms and individuals to the Senior Managers & Certification Regime
The Financial Conduct Authority proposes transitioning FCA solo-regulated firms and individuals from the Approved Persons Regime to the Senior Managers & Certification Regime to strengthen individual accountability. The document outlines conversion mechanisms where Core and Limited Scope firms automatically convert approved persons, while Enhanced firms must submit specific notifications and documentation. It also details the application of Conduct Rules, the introduction of a Certification Regime for fitness and propriety assessments, and consequential amendments to regulatory forms and guidance.
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