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extension to all FSMAauthorised persons Senior Managers andCertification Regime: extension to all FSMA authorised persons © Crown copyright 2015 This publication is licensed under the terms of the Open GovernmentLicence v3.0 except where otherwise stated. To view this licence, visitnationalarchives.gov.uk/doc/open-government-licence/version/3 or write tothe Information Policy Team, The National Archives, Kew, London TW9 4DU, Where we have identified any third party copyright information you willneed to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications ISBN 978-1-910835-38-8PU1859 Contents 1Introduction 1.1The government is proposing to extend the Senior Managers and Certification (SM&CR)regime to all sectors of the financial services industry, replacing the discredited Approved an approval regime focused on senior management, with requirements on firms tosubmit robust documentation on the scope of these individuals’ responsibilitiesa statutory requirement for senior managers to take reasonable steps to preventregulatory breaches in their areas of responsibility 1.2This expansion of the SM&CR to all financial services firms will enhance personalresponsibility for senior managers as well as providing a more effective and proportionate means 1.3The application of the SM&CR to the whole financial services industry also brings in astronger, comprehensive regime across banking and other financial services. It enables theeffective and efficient regulation of groups with a variety of financial services firms within them. Background 1.4The financial crisis in 2007-08 and more recent events have highlighted concerns about theperformance and behaviour of many of the individuals working in the financial services industry.Following its reforms to the regulatory system in the Financial Services Act 2012, thegovernment brought forward reforms to the way individuals who work in banking1are regulatedthrough a series of amendments to the Financial Services and Markets Act 2000 (FSMA) which 1.5The main way individuals who work in the financial services industry have been regulated isthrough the Approved Persons Regime (APR) in Part 5 of FSMA. Under the APR, financial servicesfirms (“authorised persons” under FSMA) may not employ a person to perform a “controlled Approved persons must comply with the statements of principle which are a series of bindingstandards of professional conduct issued by the FCA and PRA. The regulators may takeenforcement action against approved persons for breaches of the statements of principle. They 1.6The PCBS was very critical of the APR. At the time of its report, the PCBS took the view thatthe APR was too broad and insufficiently focused on senior management. It concluded that: the APR acted mainly as an initial gateway rather than as a system for the effectiveongoing supervision of the most important individuals in firmsthere was a lack of clarity of the responsibilities of individuals at senior level 1.7The PCBS expected that the deficiencies it had identified in the APR and its operation wereunlikely to be confined to banking. However, they were concerned that attempting to extendthe reforms they proposed to all sectors would delay the timetable for implementation for 1.8Following Royal Assent to the Financial Services (Banking Reform) Act 2013 in December2013, the PRA and FCA have been developing detailed implementing measures, including rulesand guidance, for the SM&CR for banking, while the Treasury prepared the secondary legislationneeded to ensure a smooth transition to the SM&CR from the APR. The Treasury also consulted 1.9In June 2014, the Chancellor of the Exchequer established the Fair and Effective MarketsReview (FEMR) to conduct a review of the way wholesale financial markets operate, to helprestore trust in those markets in the wake of a number of recent high profile abuses. The Reviewpublished its final report on 10 June 2015.5Among other recommendations, the Reviewrecommended that elements of the SM&CR should be extended to cover firms active in fixed 1.10The PRA is also introducing a Senior Insurance Managers Regime (SIMR) for insurancefirms. For firms subject to the requirements of the EU Solvency II Directive,7the SIMR includesrules implementing a number of requirements relating to the fitness and propriety of individualsperforming senior and/or operationally important roles in insurance firms. Although the SIMRrelies on the same legal framework as the APR, it incorporates some of the concepts used in the 1.11The government considers that it is now appropriate to extend the SM&CR more widely,creating a more rigorous, comprehensive and consistent approach across the financial servicesindustry. Many firms beyond the banking sector–such as large investment firms, insurers andthose involved in shadow banking–can pose a threat to financial stability. Misconduct by firmsof any size