The UK's Senior Managers and Certification Regime came into effect for firms regulated solely by the Financial Conduct Authority on 9th December 2019 but, due to the current pandemic, the regulator extended the implementation date until 31 March. This deadline is now fast approaching.

Solo-regulated firms, as the FCA calls them, will be expected by that date to have undertaken their first assessments of their certified cersons. They should also have finished training the relevant staff.

The Senior Managers Regime is designed to replace the existing Approved Persons Regime. It will require a firm’s senior managers to be allocated senior management functions (SMFs) and to allocate their roles and responsibilities clearly through documents called ‘Statements of Responsibilities’ (also known as SORs).

If he performs an SMF, an individual will have to take reasonable steps to ward off regulatory problems in the areas for which he is responsible.

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