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FCA Regulatory Update – February 2021

The Final Countdown to Senior Managers and Certificate Regime (SM&CR)

The SM&CR is a catalyst for change and its aim is to reduce harm to consumers and strengthen market integrity by encouraging greater individual accountability for conduct and competence and setting a new standard of personal conduct.

The purpose of the SM&CR is to establish healthy cultures and effective governance in almost every solo-regulated firm, from very small firms (including sole traders and limited permission consumer credit firms) to some of the largest global firms. It also applies to branches of non-UK firms with permission to carry out regulated activities.

SM&CR (the Regime) comes into full force on 31 March 2021 but Appointed Representatives currently fall outside the Regime. Click the link to learn more about the Regime:

FSCS Annual Plan and Budget and Management Expenses Levy Limit consultation

FSCS recently published its Plan and Budget 2021/22, which confirms the 2020/21 supplementary levy and forecasts the 2021/22 compensation costs and levy. It also sets out FSCS’s recommendations on how the industry needs to come together to tackle the rising levy and explains the steps FSCS is already taking to reduce it.

Click the link to review the Plan and Budget 2021/22: Plan Budget


The contents of this article are taken from the Financial Conduct Authority’s (“FCA”) February 18th 2021 regulation round up communication and are communicated by, and the property of, Thornbridge. Thornbridge is a trading name of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

The information and opinions contained in this article are subject to updating and verification and may be subject to amendment. No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained in this article by Thornbridge Investment Management LLP or its directors. No liability is accepted by such persons for the accuracy or completeness of any information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained in this article.