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UK FCA extends Senior Managers and Certification Regime to 47,000 entities

The U.K. Financial Conduct Authority extended the Senior Managers and Certification Regime to include all solo-regulated firms, effective Dec. 9.

The regulation already applied to companies in the banking and insurance sectors.

With the extension to about 47,000 companies, the U.K. Approved Persons Regime has been replaced in its entirety.

The new system of regulation encourages greater individual responsibility and accountability. It will ensure that staff are certified as "fit and proper" to perform their respective roles.

The regulator said all firms will be required to comply with the conduct rules for relevant staff by Dec. 9, 2020.