FCA proposes two-tier authorisation process for advisers

Proposals for widening out senior managers regime

clock • 4 min read

Financial advisers will be considered "certified" employees if they don't fill the role of "senior manager" in a firm, according to the Financial Conduct Authority's (FCA) proposals for widening out the senior managers regime.

In its consultation paper published on Wednesday, the FCA outlined three "baseline" elements, which will apply to all regulated financial services firms. These include the senior managers regime, which focuses on approved senior people in a firm; the certification regime, which covers those who aren't senior managers but can have "a big impact on customers, markets or the firm"; and conduct rules, which are basic rules and will apply to almost every person working in financial services. Most advisers are expected to fall in the certification regime, apart from sole traders, which will...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

FCA reappoints Nikhil Rathi as CEO

FCA reappoints Nikhil Rathi as CEO

Rathi joined the regulator in 2020

Isabel Baxter
clock 10 April 2025 • 2 min read
ABI appoints Kay Swinburne as chair

ABI appoints Kay Swinburne as chair

Effective immediately

Jaskeet Briah
clock 03 April 2025 • 2 min read
PDG responds to FCA Market Study update

PDG responds to FCA Market Study update

Expanded terms of reference

Cameron Roberts
clock 31 March 2025 • 2 min read