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Wednesday, 27 September 2017

FCA to Regulate All Employees Of Financial Firms

The Financial Conduct Authority is consulting on the extension of its "Senior Managers and Certification Regime" (SM&CR) to all firms that are regulated by the FCA under the Financial Services and Markets Act 2000 (which excludes e-money/payment institutions, for example, unless they have dual authorisations).

This will replace the "Approved Persons" regime and extend some requirements to all employees

Consultation ends on 3 November, and the extension is likely to take effect from early in 2018. 

This means you should study the proposals and begin to plan how to comply, particularly as HR staff/advisers will also need to be involved.