Regulatory Alerts2026-04-21
Added · Updated
PS26/6: Senior Managers and Certification Regime review
The FCA and PRA implement Phase 1 reforms to the Senior Managers and Certification Regime (SM&CR), effective 24 April 2026 and 10 July 2026, for solo-regulated and dual-regulated firms. Key changes include extending criminal records check validity to six months, allowing firms 12 weeks to submit Senior Management Function applications rather than receive approval, and permitting digital certification records. Additional measures involve updating thresholds for Enhanced SM&CR firms by 30 percent, removing overlapping certification roles for approximately 15 percent of positions, and granting firms up to six months to notify changes to Statements of Responsibilities.
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