FCA gives firms a year for certification tests under SM&CR

'Duty of responsibility' guidance

The Financial Conduct Authority (FCA) has confirmed that while businesses will have to identify certified staff from day one under the Senior Managers & Certification Regime (SM&CR), they will have a year to complete fitness and propriety assessments.

The regulator unveiled its original proposals for the extension of the Senior Managers and Certification Regime (SM&CR) to nearly all regulated firms, including asset managers, in July. Today, it published further consultation papers proposing how it will move financial services businesses over to the SM&CR, including giving firms 12 months to complete fitness and propriety assessments and put the certification paperwork in place. The paper said: "Once a year, firms will need to confirm their certified staff are fit and proper for their roles. They will have to do this even if the ind...