The following Financial Services practice note provides comprehensive and up to date legal information covering:
Firms subject to the Senior Managers and Certification Regime (SM&CR), such as banks, building societies, credit unions, PRA-regulated investment firms and insurers, are required to file a Statement of Responsibilities (SoR) with the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) whenever they apply for approval for a person to perform a senior management function under the Senior Managers Regime (SMR). In addition, a revised SoR must be filed if there is a significant change in the responsibilities of a senior manager. This Practice Note summarises the SoR requirements, including the circumstances in which an SoR must be filed and the information it must contain. It also provides some practical points that firms and senior managers should consider before submitting an SoR.
For further information on the SM&CR, including when it was introduced and who it applies to, see Practice Note: SM&CR—one minute guide.
A Statement of Responsibilities is a statement filed with the FCA and PRA, summarising the role, prescribed responsibilities, overall or local responsibilities and other responsibilities of individually named Senior Management Function (SMF) Managers (Senior Managers) appointed under the SM&CR.
Section 60(2A) of the Financial Services and Markets Act 2000 (FSMA 2000) requires firms applying for approval from the FCA or the PRA for a person to assume and perform an SMF to accompany that
Free trials are only available to individuals based in the UK
Complete all the fields above to proceed to the next step.
**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
Take a free trial
Skeleton argumentsThis Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.Note: this Practice Note does not
Interim injunctions—the American Cyanamid guidelinesThis Practice Note is concerned with substantive interim injunctions, which are a particular species of injunction granted on a temporary basis ahead of trial. As set out below, there are different considerations depending on whether the interim
Involuntary manslaughterInvoluntary manslaughter—introductionManslaughter can be classified as either voluntary or involuntary. Voluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element—hence the label voluntary manslaughter) but
Dawn raid—who can raid my organisation and why?IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional
0330 161 1234