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What is the Senior Managers & Certification Regime ?



History


The Senior Managers and Certification Regime (SM&CR) replaces the Approved Persons Regime (APR) which is how the FCA used to regulate people working in financial services.


It was created in response to the financial crisis to develop a new accountability system that was more focused on senior managers and individual responsibility.


The SM&CR aims to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence.


Who does it apply to


All firms regulated by the FCA need to comply with the FCA rules on professionalism, conduct, and governance The SM&CR applies to all employees who play a role that can affect the firm and its customers in a negative way. The rules under the regime allow the FCA to take direct action against relevant individuals.