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Consequential Changes to the Senior Managers Regime

2nd March 2016

The FCA has today issued a Policy Statement (PS 16/6), just in time for the Senior Managers and Certification Regimes (SM&CR) that takes effect from next Monday, the 7th March 2016.

PS 16/6 covers Consequential Changes to the Senior Manager’s Regime and provides the final rules following the proposals raised in January’s consultation paper CP 16/1 relating to reporting requirements for firms.

The Policy Statement confirms HM Treasury’s removal of the requirement for firms to report known and suspected breaches of the conduct rules to the FCA, as set out in the Financial Services and Markets Act 2000 (FSMA) and also provides the final policy and forms to be used when the new regime commences.

In addition some minor technical amendments to SYSC 1 Annex 1 are confirmed to ensure that SYSC reflects the FCA’s final rules for foreign branches.

Senior Managers Regime: Consequential Changes