UK’s FCA and PRA streamline SM&CR, cut certification roles and extend filing timelines
→Compliance teams must update SM&CR certification scope and senior-manager application timelines
Change
UK’s Financial Conduct Authority and Prudential Regulation Authority reduced SM&CR certification roles by ~15%, raised enhanced-firm thresholds ~30%, and extended senior-manager application timelines to 12 weeks
Why it matters
The reforms change which roles require certification and which firms fall under enhanced SM&CR scope. Firms must realign certification coverage, approval workflows, and reporting timelines to the revised regime structure.
Implications
- → Compliance teams at UK financial firms must update SM&CR certification scope to reflect reduced role coverage and revised firm classification
- → HR and approval teams must align senior-manager application and reporting workflows to the 12-week filing window
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Source
View on FCA