Q&As

Will an FCA, solo regulated general insurance intermediary that will become subject (as a core firm) to the Senior Manager's Regime have to have a chief executive function or can the two executive directors simply take on SMF3 executive director functions?

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Published on LexisPSL on 31/01/2018

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Will an FCA, solo regulated general insurance intermediary that will become subject (as a core firm) to the Senior Manager's Regime have to have a chief executive function or can the two executive directors simply take on SMF3 executive director functions?

As noted in Practice Note: SM&CR—essentials for banks and PRA-designated investment firms, the Financial Conduct Authority (FCA) is proposing to apply a standard set of requirements to all FCA solo regulated firms that fall within the ‘core regime’. The bulk of the FCA’s proposals are set out in its consultation paper CP17/25 of July

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