Authorised professional firm meaning

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This Practice Note explains the Financial Conduct Authority (FCA) training and competence regime. The framework underpins the FCA’s consumer protection objective, aiming to ensure that staff who engage with customers in the regulated financial services market are competent and appropriately qualified to do so. The training and competence framework comprises: an overarching competence obligation (the ‘competent employees rule’) applying to individuals undertaking regulated activity in all UK‑authorised firms (including wholesale firms), as set out in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC); and more granular requirements for particular retail activities, including the need to obtain a qualification where relevant, as provided in the Training and Competence sourcebook (TC) The regime should also be viewed in light of the FCA Consumer Duty in Principle 12 of the FCA Handbook (PRIN 12), which mandates that a firm must act to deliver good outcomes for retail clients. FCA guidance on the Consumer Duty notes that, for example, as part of data monitoring,...

Scope of this Practice Note This Practice Note explores the function of designated professional bodies (DPBs)—covering solicitors, accountants, actuaries, licensed conveyancers and chartered surveyors—as provided in Part 20 of the Financial Services and Markets Act 2000 (FSMA 2000). DPBs supervise and regulate members of these professions, who are regarded as exempt professional firms (EFPs) under FSMA 2000, s 327. It outlines: the criteria a professional body must meet to be treated as a DPB; the exemptions that apply to members of these professions; and the disclosures such firms must make to the public. What is a Designated Professional Body? A Designated Professional Body is a body that regulates and oversees members of the professions listed above, who are EFPs under FSMA 2000, s 327. An exempt professional firm is a person to whom the general prohibition does not apply. A person must not carry on a regulated activity in the UK, or hold themselves out as doing so, unless authorised...

SM&CR—essentials for solo-regulated firms Note: the SM&CR is in the midst of reform. In July 2025, government unveiled the Leeds Reforms, setting out plans to simplify the SM&CR. Concurrently, the PRA and FCA issued consultation papers CP18/25 and CP25/21. The supervisors envisage a two-stage programme of change, with Phase Two contingent on legislative amendments following HM Treasury consultation. Finalised Phase One obligations are anticipated around mid-2026, while any subsequent Phase Two measures will depend on HMT legislation. See News Analysis: Reform of the SM&CR—Proposals and next steps. For current developments, including those tied to the Leeds Reforms and non-financial misconduct, see: SM&CR—timeline and Culture and social governance in financial services—timeline. On 9 December 2019 (commencement), the Senior Managers and Certification Regime was extended to firms authorised under the Financial Services and Markets Act 2000 (FSMA 2000) that are regulated by the FCA and not the PRA (‘solo-regulated firms’, also known as ‘FCA-only firms’). From that date, the SM&CR supplanted the Approved Persons Regime (APR) for almost all solo-regulated...

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