Financial services and banking: employment issues

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This topic considers the employment issues that typically affect those operating in the financial services and banking sectors.

Senior Managers and Certification Regime (SM&CR)

Following the Parliamentary Commission on Banking Standards’ (PCBS) recommendations to implement a new framework for approving and holding certain individuals who work in the banking sector to account, the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) amended the Financial Services and Markets Act 2000 (FSMA 2000) to include:

  1. •

    a ‘Senior Managers Regime’ (SMR) for individuals performing a senior management function

  2. •

    a ‘Certification Regime’ which requires relevant firms to assess the fitness and propriety of certain employees, and

  3. •

    a set of Conduct Rules that apply to persons in the scope of the SMR and Certification Regime

On 7 March 2016, the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APER) as applied by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in relation to UK banks, building societies, credit unions and PRA-designated investment firms and the Senior Insurance Managers Regime (SIMR) replaced APER

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