NOTE: On 15 July 2025, the government announced the Leeds Reforms, which include plans to streamline the SM&CR. At the same time, the PRA and FCA published consultation papers CP18/25 and CP25/21. The regulators propose a two-stage reform process, with Phase Two to follow pending legislative changes under HM Treasury consultation; see News Analysis: Reform of the SM&CR—Proposals and next steps. In February 2026, HMT consulted on the Appointed Representatives Regime including proposals to bring appointed representatives within the scope of the SM&CR. Comments closed on 9 April 2026. For detail, see SM&CR—one minute guide—Policy development. The Senior Managers and Certification Regime (SM&CR) and the Approved Persons Regime (APR) are the UK regulators’ framework for regulating individuals working in financial services. Since 2016, the SM&CR has been progressively rolled out across the financial services industry, replacing the APR—however, appointed representatives of SM&CR firms remain subject to the Financial Conduct Authority (FCA)'s APR. This Practice Note explains the FCA’s Statements of Principle and Code of Practice