The following Financial Services guidance note provides comprehensive and up to date legal information covering:
As a consequence of the extension of the Senior Managers & Certification Regime (SM&CR) to solo-regulated firms in December 2019, the Financial Services Register (FS Register), the regulators’ record of authorised persons, is limited to information on regulated firms and Senior Management Function (SMF) holders. This is a significant change from the Approved Persons Regime under which the FCA approved, and maintaind a register of, a greater population of the financial services workforce. (From December 2019, the application of the APR is limited to appointed representatives and benchmark administrators that do not undertake regulated activities). In response to its proposals to extend the SM&CR, the FCA received ‘substantial feedback’ on the value of maintaining one central public record with information on SMF holders, and other key individuals in regulated firms who will no longer appear on the FS Register, such as those holding SM&CR Certification Functions and those who undertake business with clients and require a qualification to do so. The FCA therefore introduced the Directory—a public register to provide a central location for information on Senior Managers and other key individuals, known as ‘Directory Persons’, at all FSMA-authorised firms across multiple sectors regulated by the FCA. This Practice Note provides an overview of the Directory and the practical steps firms must take to
**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