UK Financial Conduct Authority Issues Near-Final Rules on Extension of Senior Managers and Certification Regime and Introduces New Financial Services Directory

9 July 2018
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Key takeaways:
  • On 4 July, the UK Financial Conduct Authority (FCA) published near-final rules on extending the Senior Managers and Certification Regime to almost all FCA-regulated firms. The new rules contain limited changes from the FCA’s initial proposals and will apply from 9 December 2019.
  • The FCA also published a consultation paper regarding the introduction of a new financial services directory from 10 December 2019. This will supplement the existing Financial Services Register and allow public access to information on a substantially greater number of individuals working in the financial services industry. Firms will need to plan carefully to be able to update the FCA with relevant information on personnel changes within the very short timeframes required.