SM&CR and approved persons regime

This overview is a guide to the Lexis+® UK Financial Services content within the Senior Managers and Certification Regime (SM&CR) and approved persons regime (APR) subtopic, with links to the practical guidance. The materials listed cover the application of the SM&CR to banks, building societies, credit unions and Prudential Regulation Authority (PRA) designated investment firms, as well as to UK branches of non-UK firms; insurers and re-insurers; Financial Conduct Authority (FCA) solo-regulated firms, including claims management companies and benchmark administrators; and the position for appointed representatives which remain under the Approved Persons Regime (APR).

Senior Managers and Certification Regime

The SM&CR aims to reduce harm to consumers and strengthen market integrity by improving conduct at all levels within firms and enhancing senior management accountability. The FCA and PRA consider the SM&CR to play a key role in transforming culture in the financial industry and an important supervisory tool.

Following the Parliamentary Commission on Banking Standards (PCBS) recommendations to implement a new framework for approving and holding to account certain individuals who work in the banking sector , the Financial Services (Banking Reform) Act 2013 (

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