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FCA senior manager rules to cover 70,000 more individuals

New data has shed light on the number of people who will have to register under the FCA’s senior manager’s regime when it is extended to advisers and all other financial services firms.

Figures provided to law firm Cleveland and Co show that currently, the senior managers regime covers just over 3,000 individuals. The FCA expects 72,000 individuals to be covered under the rules once they are rolled out further, a 20-fold increase.

The FCA outlined how it planned to extend the regime to all firms last month, with a reduced burden on some small firms. It expects the rules to come in by 2018.

Under the rules, individual advisers will have to be allocated key responsibilities and certify their competence every year.

FCA reveals how it plans to extend Senior Managers Regime to advisers

Cleveland and Co managing director Emma Cleveland says that smaller firms could still face a “mountain to climb.”

She says: “The scale of the increase highlights the size of the task that many companies face.

“While the biggest companies with larger budgets should be able to handle the regulatory changes, it is smaller companies with the biggest mountain to climb.

“Understanding the rules and rolling out extra training – not just for senior staff – will take large chunks out of comparatively smaller budgets.”



FCA predicts £547m cost to industry from Senior Managers Regime extension

The FCA expects the extension of the Senior Managers Regime to cost the financial services industry at least £547m in up front expenses. In a consultation released today, the FCA confirmed its plans to roll out similar rules as those that currently apply to banks to nearly all financial services firms. Firms including advice businesses (provided […]

Aviva Investors loses senior manager amid multi-asset shake-up

Aviva Investors multi-asset senior fund manager Nick Samouilhan is to leave the firm after seven years “to pursue another opportunity” within the industry. Samouilhan manages Aviva’s risk-targeted multi-asset funds with Thomas Wells and Paul Parascandalo. He also co-manages the £2.4bn Multi Strategy Target Income fund, and will be replaced by Gavin Counsell, who currently manages […]


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. This is certain to mean enhanced protection for consumers and will increase competition . . . surely.

    • Nicholas Pleasure 24th August 2017 at 3:31 pm

      It might mean that some of those running businesses selling unregulated investments to SIPP clients find themselves fined and banned. If that is the case this can’t come soon enough. People like you and me are already responsible for the actions we take – let’s make sure those making decisions in big organisations cannot hide behind their corporations any longer.

      (BTW – I’m not hugely optimistic that the FCA won’t simply enjoy the extra paperwork and then do nothing with it)

  2. i 25th August 2017 at 9:12 am

    IS it me or is it all of those Banks, building Societies, insurance companies, investment houses – and there is only 3000 individuals responsible for them? ( not counting employees of the FCA and PRA)? It seems no one under Law is responsible – surely this cannot be correct? It seems that commitment to customer care and commitment to their company or customer ( or treating custoemrs fairly) – no longer exists – except with the smallbroker or insurance agent? Failures of company Directors to carry out their duties and responsibilities – is the Problem – not yet addressed by the Government or their Agents the FCA PRA – and it would appear that Agency Law is being ignored.

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