FCA proposes to extend the senior management regime to more firms

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The Financial Conduct Authority (FCA) has published proposals to extend the senior managers and certification regime (SM&CR) to almost all regulated firms.

This follows on from the news from October 2015, when HM Treasury announced its intention to extend the SM&CR to all sectors of the financial services industry.

The FCA noted that the new regime will essentially replace the approved persons regime.

Aims
According to the regulator, the aim of the new regime is to reduce harm to consumers an