A high level summary of the key points for employers to note in relation to the to the new senior managers and certification regime
Timing: bulk of the new regime came into force on 07 March 2016 (with transition of some elements eg firms had until 07 March 2017 to issue certificates).
Application: applies to banks, building societies, credit unions and PRA approved investment firms and UK branches of foreign banks.
More categories, wider coverage: The previous two categories (approved persons and others) have become four:
- senior managers performing “senior manager functions”
- employees covered by the certification regime (also known as “significant harm function” employees)
- other staff who don’t fall into either of these categories but who are also subject to Conduct Rules, and
- specific ancillary roles excluded from the Conduct Rules.
A recording of Andrea Finn's client call for HR on the new regime is available here.
Extension: our comprehensive "Senior Managers and Certification Regime Extension" microsite is available here.
This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.
Key contacts
If you have any questions, contact a member of the Overview team for assistance:
