Insurance providers required to convert to senior management function and certification regime, with advisers required to do so in December 2019
The Financial Conduct Authority (FCA) is reminding insurance firms that the deadline to submit a notification form to convert relevant individuals from the Approved Persons Regime to Senior Management Function is 2 December. The change in culture and governance regime, which is an extension of the Senior Managers and Certificate Regime (SM&RC), will be applied to advisers (including IFAs) next year (9 December 2019). It already applies to the banking sector and will be extended to the insurance industry on 10 December 2018. Insurance firms are required to submit a conversion notificat...
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