FCA consults on SM&CR and sets faster authorisation targets
The Financial Conduct Authority has opened a consultation on streamlining the Senior Managers and Certification Regime, and in a second announcement revealed new faster authorisation targets.
The consultation, being run in conjunction with the Prudential Regulation Authority, is open until 7 October and sets out a series of proposals (see box) which the pair claimed will make the regime more effective and efficient and drive growth in financial services.
ProposalsThe SM&CR proposals include:
Giving firms more time and flexibility to submit applications for approving new senior managers when there has been an unexpected or temporary change.Stripping out duplication where the sameOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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