This overview is a guide to the Lexis+® UK Financial Services content within the Senior Managers and Certification Regime (SM&CR) and approved persons regime (APR) subtopic, with links to the appropriate materials. The materials listed cover the application of the SM&CR for banks, building societies, credit unions and PRA-designated investment firms, as well as UK branches of non-UK firms; insurers and re-insurers; FCA solo-regulated firms, including to claims management companies and benchmark administrators; and the position for appointed representatives which remain under the Approved Persons Regime (APR).
The Senior Managers and Certification Regime (SM&CR) aims to reduce harm to consumers and strengthen market integrity by improving conduct at all levels within firms and enhancing senior management accountability. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) see the SM&CR as a key part of transforming culture in the financial industry and an important supervisory tool.
Following the Parliamentary Commission on Banking Standards (PCBS) recommendations to implement a new framework for approving and holding certain individuals who work in the banking sector to account, the Financial Services (Banking Reform) Act 2013
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