Regulators outline changes to help streamline SM&CR compliance
Brokers should see reduced costs and greater flexibility, following changes made to senior managers and certification regime announced today by the UK's joint financial services regulators.
The Financial Conduct Authority and Prudential Regulation Authority added the changes (see box), which come as the first phase of a multi-stage package of reform from Government and regulators, should mean firms find it easier to comply with the SM&CR.
These changes includes brokers now having up to 12 weeks to submit a senior manager application, rather than needing FCA approval within that period.
The regulators claimed firms will benefit from:Giving more time to submit senior managerOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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