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...

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