The FCA announced in it's annual perimeter report that it wants to extend the existing Senior Managers and Certification Regime which regulates the conduct of senior managers and Certified Functions in financial services. The regulator is proposing to extend the reach of its rules by bringing payments services, electronic money firms and credit rating agencies under the regime.
The report highlights where the FCA is working with other agencies to prevent harm when issues fall outside its perimeter, and they feel that SMCR aims to reduce harm to consumers and strengthen market integrity by improving conduct at all levels within firms, and enhances senior management accountability.
There is no date set yet, but AFEP will update members and ensure they are kept informed.