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

AI 'major opportunity' to improve customer outcomes: FCA

AI 'major opportunity' to improve customer outcomes: FCA

According to review into how AI could reshape retail financial services

Sahar Nazir
clock 27 January 2026 • 2 min read
FCA Pure Protection Market Study to publish this week

FCA Pure Protection Market Study to publish this week

Publication date 29 January, 2026

Cameron Roberts
clock 27 January 2026 • 3 min read
IPT haul up to £6.8bn in FY25/26

IPT haul up to £6.8bn in FY25/26

£43m collected in December

Cameron Roberts
clock 22 January 2026 • 2 min read