Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Financial Conduct Authority definition

What does Financial Conduct Authority mean? The Financial conduct authority (fca) is the UK’s statutory conduct regulator for financial services and markets. In legal practice it is central to FCA authorisation and permissions, compliance with the FCA Handbook (including the Principles for Businesses, SM&CR and the consumer Duty), market conduct obligations and enforcement risk. Established by amendments to the Financial Services and Markets Act 2000 (FSMA) made by the Financial Services Act 2012, the FCA replaced the Financial Services Authority in April 2013. It makes rules, supervises firms, and investigates and enforces breaches. The FCA is the conduct regulator for all authorised firms...

UK SM&CR: FCA/PRA approval to perform SMFs—applications, interviews, conditions/refusals, notifications and withdrawal; forms A–E, J; 12-week rule, Statements of Responsibilities, MRMs, Consumer Duty

Published by a LexisNexis Financial Services expert

Practice notes

SM&CR—applications to perform SMFs, notifications, and withdrawal of approval

Note: On 15 July 2025, the government unveiled the Leeds Reforms, setting out plans to simplify the SM&CR. At the same time, the PRA and FCA issued consultation papers CP18/25 and CP25/21. See News Analysis: Reform of the SM&CR—Proposals and next steps.

The regulators propose a two‑stage reform, with Phase Two to follow subject to HM Treasury consultation and legislative changes.
Final Phase One requirements are expected by mid‑2026.
Any Phase Two consultations will depend on HMT legislation.

The Senior Managers and Certification Regime (SM&CR) and the Approved Persons Regime (APR) constitute the UK regulators’ framework for supervising individuals in financial services, providing for individual approval by the Financial Conduct Authority (FCA) and, where required, the Prudential Regulation Authority (PRA).

In 2016, the SM&CR replaced the APR for dual‑regulated banking firms overseen by the FCA and PRA.
In 2018, it was extended to all dual‑regulated insurance and Reinsurance firms.
In December 2019, the SM&CR was applied to solo‑regulated (for example, FCA‑only) firms.
In December 2020, the regime was broadened to pure benchmark administrators.

Together, these entities are referred to as ‘SM&CR firms’...

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Web page updated on 29/05/2026

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