From today, the Senior Managers and Certification Regime (SM&CR) will start for many firms in the UK. The SM&CR applies to those regulated by the FCA, and includes those in energy and commodities who have the appropriate Investment Firm status and were subject to the “Approved Persons Regime”. SM&CR already applies to banks and large Investment Firms as well as those under “dual regulation”.
The SM&CR extends personal liability to a wider set of roles than before, including Senior Managers as well as other relevant authorised persons. More details can be found here on the FCA web site.