The following Financial Services practice note Produced in partnership with John Drabble of Kemp Little LLP provides comprehensive and up to date legal information covering:
The Senior Managers & Certification Regime (SM&CR) is the Financial Conduct Authority’s (FCA) and Prudential Regulation Authority’s (PRA) framework for regulating individuals in the financial services sector. The SM&CR applies to all PRA and FCA dual-regulated firms and the majority of FCA-solo regulated firms (together, SM&CR firms). The Approved Persons Regime (APR)—under Part V of the Financial Services and Markets Act 2000 (FSMA 2000), the predecessor of the SM&CR, continues to apply to appointed representatives and to those FCA-solo-regulated firms which carry on the activity of benchmark administration (and no other regulatory activity) (together, non-SM&CR firms).
Both SM&CR firms and non-SM&CR firms are required to assess the fitness and propriety of individuals as a precursor to permitting them to carry out certain roles, and on an ongoing basis. This assessment is commonly referred to as the ‘fit and proper test’. In respect of certain senior roles, firms are also required to obtain regulatory approval prior to permitting the individual to carry out a role; under FSMA 2000, s 61(1), the regulators will only grant an application for approval if they are satisfied that a candidate is fit and proper to perform the relevant function. The burden rests on applicant firms to convince the regulators that individual candidates are fit and proper.
In determining whether or not an individual is fit and proper, FSMA 2000,
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. The key implications for civil appeals are set
This Practice Note considers the position of a security holder who has an equitable mortgage or charge over land and, in particular the powers that are available to complete a sale of the charged property.This Practice Note deals only with registered land.Mortgages and charges over land—a
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.