FCA Launches Consultation With View to Clarify SMCR
On 23 January 2019, the UK’s Financial Conduct Authority launched a consultation paper with a view to clarify areas of the Senior Managers & Certification Regime (SMCR).
FCA originally made near-final rules for SMCR in July 2018, which were finalised for insurers in September 2018. However, when consulting on the rules, a number of areas were identified as being unclear. As such, FCA has launched this consultation paper to provide extra clarity, which will assist firms’ ability to adjust to SMCR.
The consultation closes on 23 April 2019, after which FCA will consider comments and publish feedback and rules.