The Financial Conduct Authority (FCA) has set out reforms to the Senior Managers Regime & Certification Regime (SM&CR), and confirmed it will no longer require compliance with the Certification Regime for ‘less senior roles’.

The government also plans to remove the Certification Regime from the Financial Services and Markets Act 2000 (FSMA 2000).

The biggest change is to give firms up to 12 weeks to submit a senior manager application, rather than needing FCA approval within that period.

 The financial thresholds for becoming an Enhanced SM&CR firm have been uprated by 30%, the first time the figure has been reviewed, since introduction in 2019.