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Negative feedback has impact on FCA Financial Services Register plans

Neil Hodge | March 13, 2018

“The U.K.’s financial services regulator has scrapped a move that would have meant that as well as seeing the watchdog push the responsibility for certifying the suitability of key people other than “senior managers” onto the firms themselves, would also have seen these individuals being kept off the regulator’s Financial Services Register—or even removed in some cases.”

The Financial Conduct Authority (FCA) had thought that the move would save itself money, give firms more leeway about how they identified key staff for certification, and be a winning formula, but an FCA spokesperson has admitted that “the industry thinks otherwise.”

The FCA and the Prudential Regulation Authority (PRA), the U.K.’s dual financial regulators, currently maintain a public Financial Services Register of the firms they regulate and the individuals they have approved (and the roles and duties they have been approved for) as part of the Senior Managers and Certification Regime (SMCR).

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