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.

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