The following Financial Services guidance note provides comprehensive and up to date legal information covering:
On 7 March 2016 the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) in relation to UK banks, building societies, credit unions and PRA-designated investment firms and the Senior Insurance Managers Regime (SIMR) replaced the APR 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). The Financial Services team have retained this Practice Note as a source for historical purposes. Please refer to Application for approval as a PRA-designated Senior Management Function and our Senior Managers and Certification Regime—overview related content for further details on the Senior Managers and Certification Regime.
An approved person is an individual who has been approved by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA) to perform one or more controlled functions on behalf of an authorised firm.
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 of the PRA Rulebook (SUP
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. 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
Take a free trial
0330 161 1234