FCA reveals transition proposals for Senior Managers Regime
The regime replaces Approved Persons and the regulator advised it wanted most transitions to take place automatically.
The Financial Conduct Authority (FCA) is consulting on how firms should transition from the Approved Persons regime to the new Senior Managers Regime.
The regulator said it wanted “proportionate approaches for different types of firms”.
It noted in a statement: “For the majority of FCA regulated firms, the FCA is proposing to automatically convert individuals from the Approved Persons Regime to the new regime.
“This means the majority of firms will not need to submit applications to convert
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