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UK Senior Managers & Certification Regime

Mayer Brown is helping clients stay ahead of key developments as the United Kingdom establishes a new regulatory regime for banks and investment and insurance firms.

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Legal Update
13 May 2016
Mayer Brown Legal Update
The UK parliament passed the Bank of England and Financial Services Act 2016 on 4 May 2016 which will extend the Senior Managers' and Certification Regime to all persons authorised under the Financial Services and Markets Act 2000 by 2018. The Act, which brings in amendments to FSMA and the Financial Services Act 2013, will bring over 60,000 financial services firms and 200,000 individuals within the scope of the SM&CR.
Legal Update
29 April 2016
Mayer Brown Legal Update
New laws that overhaul the "reverse burden of proof" for senior bankers accused of wrongdoing have stood up to their final challenge in the House of Commons, despite strong resistance from Opposition members.
Legal Update
16 October 2015
Mayer Brown Legal Update
On 14 October 2014 HM Government introduced a bill into the House of Lords which will extend and reform the UK’s new regulatory regime for individuals. The Bank of England and Financial Services Bill 2015 will extend the new regime to all regulated financial services firms, including insurers, investment firms, asset managers, insurance and mortgage brokers and consumer credit firms.
Legal Update
15 October 2015
Mayer Brown Legal Update
This legal alert will be of interest to UK (re)insurers, including UK branches of non-EEA (re)insurers. It will primarily be of interest to Solvency II firms but non-Directive firms should note that the regime will also apply to them, albeit in a streamlined approach for smaller non-Directive firms.
Legal Update
September 2015
Mayer Brown Legal Update
This legal alert will be of interest to non-UK firms which have a branch in the UK that has a permission to accept deposits or, where it is a PRA-regulated activity, deal in investments as principal.
Media Coverage
11 July 2015
IFR (subscription required)
London Employment partner Stefan Martin is quoted in an article on the final rules issued by the Prudential Regulatory Authority and Financial Conduct Authority to improve responsibility and accountability in the banking sector.
Media Coverage
9 July 2015
Global Capital (subscription required)
London Employment partner Stefan Martin is quoted in an article on the final rules issued by the Prudential Regulatory Authority and Financial Conduct Authority to improve responsibility and accountability in the banking sector.
Legal Update
25 February 2015
Mayer Brown Legal Update
With the consultation on transitional arrangements for the introduction of the senior managers and certification regimes due to close on 27 February, it is a good time to take stock of the proposed new regulatory framework and assess the potential impact from an employment and HR perspective.
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