Legal issues for the UK consumer finance industry
On 11 October 2019, the UK Financial Conduct Authority published a new webpage explaining the process of converting individuals under the current approved persons regime into corresponding senior management functions under the Senior Managers and Certification Regime.
Individuals wishing to convert must do so by filing a Form K with the FCA no later than 23:59 on 24 November 2019.
On 11 September 2019, the UK Financial Conduct Authority published extra information on a webpage for firms only regulated by the FCA on the extension of the Senior Manager and Certification Regime.
The webpage includes extra information about Form K. This is the form that must be submitted by firms to the FCA no later than 11:59pm on 24 November 2019 to convert an approved person to a senior management function.
From 9 December 2019, the SMCR regime will apply to firms only regulated by the FCA.