FCA Proposes Sweeping SM&CR Overhaul, Ending Certification for 139,000 Staff

AI summary of the source article

The UK's FCA and PRA have proposed rolling back the Senior Managers and Certification Regime, removing certification for approximately 139,000 staff. The deregulation proposal is projected to save financial firms £2 billion over the next decade.

Why it matters

The deregulation move is "projected to save financial firms £2 billion over the next decade" and is expected to materially reduce "a long-standing administrative burden."

Key facts

• The FCA and PRA proposed removing the Certification Regime, ending annual regulatory certification and public Directory listings for around 139,000 staff.
• The deregulation move is projected to save financial firms £2 billion over the next decade, with consultation open until January 2027.
• Pre-approval would be dropped for roles such as Chief Actuaries and Risk and Audit Committee Chairs, switching to a notification model.