UK banking reform and the Senior Managers Regime

2015 rules promise oversight increase


In the UK, the Financial Services and Markets Act 2000 (FSMA) already gives City regulators a number of powers and responsibilities over individuals that carry out certain roles within financial services firms. These roles are known as "controlled functions" and the individuals performing them are described as "approved persons".

Responsibility for controlled functions is split between the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), with the PRA responsible

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