The FCA’s Senior Managers Regime was introduced on March 7 2016
The sweeping changes to the Financial
Services Register following the introduction of the Financial
Conduct Authority’s Senior Managers Regime in
March has seen the total number of active individuals on the
record drop by 35,000 people.
There are now circa 132,000 people on the
Financial Services Register, said the FCA, down more than a
fifth from 167,000, since the SMR requirements from
Britain’s Financial Conduct Authority (FCA) and
the Prudential Regulation Authority (PRA) were introduced in March.
The FCA told FOW that the before the SMR
there were 41,947 'approved controlled function
holders’ from banks, building societies, credit
unions and PRA-designated investments firms, and following
implementation there are 4,503 approved Senior Manager
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