Context
The FCA has updated a number of web pages following the publication last week of its Senior Managers and Certification Regime (SM&CR) review Policy Statement PS26/6.
Key points to note and next actions
The updated web pages and the details of what has been updated are as follows:
- Senior management functions, adding the inclusion of individuals operating under the 12-week rule to the ‘What we expect from senior managers’ section.
- Prepare to apply for a senior manager function, updating the wording in relation to the 12-week rule (12 weeks to apply for approval, rather than 12 weeks to become approved) and confirming the wider exceptions to the criminal records checks requirements as set out under SUP 10C.10.16 R (3) and (4).
- Forms: change or cancel an approval for a controlled function, updating the notes in relation to the completion of the FCA’s Form J.
- Conduct rules, adding additional signposting under the ‘individual conduct rules’ heading, and an update to the ‘training’ section.
- SM&CR categorisation for solo-regulated firms, containing the updated figures for ‘Enhanced’ SM&CR firm categorisation (for insurance intermediaries, the total intermediary regulated business revenue of £45 million or more per annum, and for consumer credit lenders annual revenue generated by regulated consumer credit lending of £130 million or more, both calculated as a 3-year rolling average).
- The Certification regime, confirming the new deadline within which to provide regulatory references (“The FCA expects that regulatory references should be provided within 4 weeks at most – however, this is a limit and not a target and, in most cases, it would be reasonably practicable to provide a reference far sooner.)