The FCA has produced a webpage to explain the extension of the "Senior Managers and Certification Regime" (SM&CR) from banks etc. to all FCA-regulated firms from 9 December 2019.
The SM&CR replaces the "Approved Persons Regime" because it's a bit embarrassing that no senior managers went to jail for their part in the financial crisis and the FCA needed to show that was just because they needed new powers it lacked 'teeth'.
There's even a video 'explaining it' in full corporate jargon for those who want to sound really important when talking about SM&CR but not actually say anything meaningful about it.
You can work out the type of firm yours is and how SM&CR will affect you using a marvellous "firm checker" decision tree; or a snappy 76 page guide.
The FCA believes the impact this regime will have is "profound"...
