Approved regulator meaning

SM&CR Checklist—SMF approvals: what to do when things go wrong The Senior Managers & Certification Regime (SM&CR) obliges authorised firms to seek approval from the Financial Conduct Authority (FCA) and/or the Prudential Regulatory Authority (PRA) before appointing an individual to carry out a senior manager function (SMF). As part of that process, the regulator may invite the candidate to interview. Interviews are discretionary rather than a standard step in the SMF approval pathway. This Checklist supports SMF candidates and their firms (which submit the SMF application on the candidate’s behalf) in spotting, managing and responding to issues that arise during an SMF interview or after it, including receipt of a ‘minded to refuse’ letter or a decision by the regulator(s) to refuse the application. This Checklist should be read in conjunction with: SM&CR Checklist—preparing for SMF interviews and Practice Note: SM&CR—SMF interviews for regulatory approval. What is meant by ‘things going wrong’? Problems may emerge at several points during the interview process...

In this issue: Building safety Procurement in construction Arbitration Planning in construction Infrastructure projects Tax for construction lawyers Construction industry news LexTalk®Construction: a Lexis®Nexis community Daily and weekly news alerts New and updated content Construction trackers Building safety Building liability orders—‘anticipatory’ orders and adjudication decisions (Crest Nicholson v Ardmore) In Crest Nicholson Regeneration Limited v Ardmore Construction Limited [2026] EWHC 789 (TCC), the TCC handed down what seems to be only the second judgment considering an applicant’s right to a building liability order (BLO) under section 130 of the Building Safety Act 2022. The applications arose from a dispute concerning fire safety and other defects at a residential scheme in Portsmouth. The applicants asked the court to grant: (i) ‘anticipatory’ BLOs against multiple defendants, making them jointly and severally liable for any liability the first defendant may ultimately be found to owe under section 1 of the Defective Premises Act 1972, or...

The Legal Services Board (LSB) said that it will look at how regulators drew up their guidance on who could conduct litigation The Legal Services Board has confirmed it will scrutinise the way regulators developed guidance on who is permitted to conduct litigation. That entitlement has come under scrutiny following a recent High Court ruling, which has sparked significant unease among lawyers concerned that their working practices could be viewed as unlawful. According to the LSB, the review will examine whether approved regulators and regulatory bodies ensured that information about conducting litigation was both accurate and dependable. The intention is to draw lessons and to sustain clarity and confidence in the regulatory framework. The announcement follows weeks of uncertainty triggered by the High Court’s 16 September 2025 decision in Mazur & Stuart v Charles Russell Speechlys LLP [2025] EWHC 2341 (KB). In that case, Judge Clive Sheldon determined that unqualified employees within law firms are not permitted to conduct litigation, even under the...

In mid-October 2024, the FCA flagged 38 concerns about social media profiles run by UK finfluencers that may feature illegal promotions, and it is questioning 20 of them under caution. Back in May 2024, the regulator stated it had brought charges against nine people linked to an unauthorised foreign exchange trading programme advertised online. According to Andrew Northage, a partner in the regulatory and compliance team at Walker Morris LLP, the FCA likely believed that the public attention from a case involving seven high-profile, UK-based defendants would serve as a warning; however, he added, such a warning is less likely to dissuade promoters and operators of illicit schemes located outside the UK, who know how hard it is for the FCA to pursue them. Overseas rules breaches The FCA’s guidance confirms that its social media financial promotion rules extend to overseas firms. These businesses must ensure that any promotion reaching investors in Britain is approved by an authorised person, mirroring the UK regime. Yet jurisdictional constraints...

Why are construction products regulated? Construction products are regulated to: confirm that any item entering the market meets all legal obligations, and build trust among consumers, public authorities and manufacturers regarding product conformity What sort of products are affected? ‘Construction product’ means any product or kit manufactured and placed on the market for permanent incorporation in construction works, or their parts, where its performance affects how those works satisfy the basic requirements. This includes items such as doors, windows, shutters and gates, membranes, thermal insulation, chimneys and flues, sanitary appliances, fire alarms, flooring, fire-retardant products, space heating appliances, power cables, glass, fixings, and many others. Key definitions Placing on the market ‘Placing on the market’ is the first time a construction product is made available on the GB market, as described in UK government guidance. Making available on the market ‘Making available on the market’ means any supply of a construction product for distribution or use...

This Practice Note draws on reporting duties in the SRA Codes of Conduct and the SRA’s enforcement strategy. For fuller guidance on the SRA’s regulatory regime, see the following Practice Notes: SRA Standards and Regulations SRA Codes of Conduct for individuals and firms SRA Accounts Rules—law firms SRA regulatory regime See also Precedents: Breach reporting policy—law firms and Training materials—breach reporting—law firms. When and what must you report to the SRA The SRA’s reporting threshold is framed as a ‘serious breach’—see What is a serious breach? It applies to individuals and firms regulated by the SRA, as well as compliance officers. Universal obligation—individuals and firms regulated by the SRA The universal reporting obligations imposed on those regulated by the SRA are set out below: Obligation: Promptly notify the SRA (or another approved regulator, where appropriate) of any facts or matters that you reasonably believe could amount to a serious breach of their regulatory arrangements...

SM&CR—SMF interviews for regulatory approval This Practice Note sets out how the Financial Conduct Authority (FCA) and/or the Prudential Regulatory Authority (PRA) may deploy interviews as part of the approval process for those seeking to perform senior manager functions (SMFs) at authorised firms under the UK regulators’ Senior Managers & Certification Regime (SM&CR). It confirms that interviews are a discretionary tool within the SMF approval pathway and highlights when SMF candidates are most likely to be asked to attend. It also offers practical guidance for SMF candidates and their firms on preparing for interview, including frequent areas of focus, how the regulators approach external versus internal candidates, and additional points for candidates at dual-regulated firms. This Practice Note should be read together with: SM&CR Checklist—preparing for SMF interviews, which provides a practical framework to support candidates and firms in preparing across different SMF roles SM&CR Checklist—SMF approvals: what to do when things go wrong, which helps candidates and firms identify, manage and respond to...

The Project Manager shall: General responsibilities act as the Client’s agent, issuing information and directives to the Project Team on the Client’s behalf; receive the Client’s instructions and Project-related information; report to the Client as necessary; keep the Client informed at all stages of the Project and ensure the Client’s interests are properly represented in all activities and decisions (to which it is a party) associated with the Project; provide written reports to the Client at not less than [ insert, eg monthly ] intervals in accordance with the Client’s requirements and in a format approved by the Client; take all reasonable measures to anticipate issues, mitigate risk, and resolve problems to the Client’s best advantage; ensure the Project Team give due regard to time and cost constraints when making decisions and issuing instructions; manage the design, procurement and delivery of the works, ensuring they meet the Client’s requirements and are completed within Project timescales; establish, manage and operate...