CP17/40: Individual accountability (PDF)

The Senior Managers and Certification Regime aims to make individuals more accountable for their conduct and competence. Earlier this year, we consulted on how the regime will apply to firms and individuals. This consultation paper focuses on how we will move firms and their senior staff over to the new the regime.

We’re calling this process ‘conversion’, and our aim is to make it simple, clear and proportionate. For the majority of firms, we are planning to automatically convert Approved Persons Regime (APR) approvals to Senior Management Functions. This means the majority of firms won’t need to submit anything to the FCA to make this happen.

We’ve proposed different approaches to moving firms to the new regime based on whether a firm is categorised as limited scope, core or enhanced. We recommend checking your firm category before reading the consultation paper. You can do this by using the firm checker tool on page 3 of the consultation paper.

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