Industry News
The changes aim to streamline the regime and reduce the overall burden on affected firms.
Key proposed changes include:
➡️ Raising the threshold for being designated an enhanced SM&CR firm;
➡️ Streamlining the Senior Management Function (SMF) approval process;
➡️ Removing overlap in certification roles;
➡️ Improving the efficiency of the 12-week rule, which allows the unapproved cover of a senior manager under certain conditions;
➡️ Guidance on areas such as the allocation of Prescribed Responsibilities, application of conduct rules, and applicability of key SMF roles; and
➡️ Making technical updates to the handbook in line with some Prudential Regulation Authority proposals.
🗓️ Individuals subject to the SM&CR should review the proposals and can respond to the consultation by the October 7 deadline using the designated channels.
