Certification regime

This summary is based on the consultation paper (CP17/25) published by the FCA on 26 July 2017, which is now subject to consultation.

The Certification Regime applies to those individuals who are not Senior Managers, but whose job the FCA regards as potentially having a big impact on customers, markets or the firm itself. Some of these roles are controlled functions under the Approved Persons Regime (including, without limitation, the CF30 customer function). The FCA will no longer approve this category of personnel – rather, it will be for firms themselves to determine who takes up these roles and “certify” that individuals are fit and proper (at the point of recruitment and on an annual basis thereafter).

The standards in relation to fitness and propriety are broadly similar to those under the current regime. There are now, however, requirements about the evidence that firms need to have collated to satisfy themselves that the relevant individual meets these standards.

All staff subject to the Certification Regime will need to comply with the Conduct Rules.

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