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The Senior Managers Regime for financial services firms

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United Kingdom

The Treasury has announced the replacement of the Approved Persons Regime for all approved persons. A version of the Senior Managers and Certification Regime – originally designed for banks, building societies, credit unions and PRA-designated investment firms following the 2007-2008 financial crisis - will be extended to all other financial services firms (including asset managers, insurance and mortgage brokers and consumer credit firms) from 2018.

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