Application to perform a PRA-designated Senior Management Function
Application to perform a PRA-designated Senior Management Function

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Application to perform a PRA-designated Senior Management Function
  • Senior managers regime
  • The procedure
  • What is an approved person?
  • How to apply for approval
  • SMR approval
  • Timing
  • SMF interviews
  • Adverse disclosures
  • Decisions on applications
  • more

STOP PRESS: The Senior Managers and Certification Regime (SM&CR) was extended to insurers regulated by the FCA and PRA from 10 December 2018, replacing the Senior Insurance Managers Regime (SIMR). This Practice Note is currently being updated to reflect these changes.

All the controlled functions have been defined under the Financial Services and Markets Act 2000 (FSMA 2000) as amended by the Financial Services Act 2012 (FSA 2012) and additional rules and guidance are set out in the Supervision sourcebook SUP 10A for the Financial Conduct Authority (FCA) Handbook, and the Senior Management Functions part of the PRA Rulebook.

Senior managers regime

The FCA and Prudential Regulation Authority (PRA) have made proposals to change the way individuals working specifically for UK banks, building societies, credit unions and PRA-designated investment firms (designated firms) are to be assessed and held accountable for the roles that they perform. In June 2013, the Parliamentary Commission for Banking Standards (PCBS) published its report 'Changing Banking for Good', which set out recommendations for legislative and other action in order to improve professional standards and culture in the UK banking industry. This was followed by legislation in the Banking Reform Act 2013 (BRA 2013) to replace the Approved Persons Regime for banks, building societies, credit unions and PRA-designated investment firms with a new regulatory framework regarding