The changes will make the regime more effective and efficient and drive growth in financial services, the Financial Conduct Authority (FCA) said. 

The plan is to remove the certification regime and increase flexibility for the regulators to reduce the number of senior management functions (SMFs) which require pre-approval, subject to consultation.

The proposals aim to ‘make the regime less onerous on firms, while continuing to protect consumers and markets, and the safety and soundness of firms’.

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