The Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) for solo-regulated firms from 9 December 2019. The regime aims to reduce harm to consumers and strengthen market integrity. It sets a new standard of personal conduct for everyone working in financial services.
The SM&CR encourages greater individual accountability and sets a new standard of personal conduct in financial services by:
- ensuring senior managers are accountable for conduct in their areas of responsibility
- ensuring a minimum standard of behaviour for everybody working in the sector through our 5 Conduct Rules
- enhancing professionalism in the industry by requiring firms to certify that their staff are fit and proper