FCA—Statements of Principle and Code of Practice
FCA—Statements of Principle and Code of Practice

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

  • FCA—Statements of Principle and Code of Practice
  • Notable aspects of APER in the FCA Handbook
  • The FCA Statements of Principle
  • The FCA Code of Practice
  • Factors relevant to all the Principles
  • Factors relevant to accountable SIFs and Principles 5–7
  • UK listed firms

STOP PRESS: On 16 July 2018 the Financial Reporting Council published revised versions of its UK Corporate Governance Code (UKCG Code) and Guidance on Board Effectiveness (FRC Guidance), both of which will apply to premium listed companies with accounting periods beginning on or after 1 January 2019.  The guidance below reflects the requirements of the 2016 versions of the UKCG Code and FRC Guidance and will be updated shortly. For further details, see: New ‘shorter, sharper’ corporate governance code published, LNB News 16/07/2018 64, News Analysis: FRC publishes revised UK Corporate Governance Code and Practice Note: 2017-2019 Corporate governance reforms.

On 7 March 2016 the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APER) in relation to UK banks, building societies, credit unions and PRA-designated investment firms and the Senior Insurance Managers Regime (SIMR) replaced the APER in relation to all UK-incorporated firms who fall within scope of Solvency II, including insurance and reinsurance firms. SIMR also applies to Insurance Special Purpose Vehicles, the Society of Lloyd’s and managing agents, and UK branches of non-EEA insurers (excluding Swiss general insurers operating in the UK under the 1989 Swiss Treaty). HM Treasury announced in October 2015 that the SM&CR would be extended to all FSMA authorised financial services institutions from 2018. The Financial Services team