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FCA plans certification rollout to all financial services firms

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The Financial Conduct Authority, the City’s regulatory authority, has outlined a proposed expansion of its Senior Managers & Certification Regime (SM&CR).

The proposals will extend the FCA’s rules to all financial services firms, and a consultation period on the 312-page document is open until November. It aims to “reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence”, according to the authority.

“Culture and governance in financial services and its impact on consumer outcomes is a priority for the FCA,” explained Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations. “The extension of the Senior Managers and Certification Regime is key to driving forward culture change in firms.

“This is about individuals, not just institutions. The new conduct rules will ensure that individuals in financial services are held to high standards, and that consumers know what is required of the individuals they deal with. The regime will also ensure that senior managers are accountable both for their own actions, and for the actions of staff in the business areas that they lead.”

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