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Optimising the senior managers and certification regime - Law Society response

15 April 2019

The proposals

We have responded to the Financial Conduct Authority’s (FCA) consultation: ‘Optimising the senior managers and certification regime and feedback to DP16/4 - Overall responsibility and the legal function’.

The FCA’s proposals are intended to provide extra clarity in some areas of the senior managers and certification regime (SM&CR) and help firms adjust to the regime.

The legal function will still be included in the senior managers regime, but there will be no requirement for the head of legal to be a senior manager.

Our view

We suggest that the proposals made by the FCA are a step in the right direction.

The FCA should engage with the Law Society to produce appropriate guidance as to the expectations of heads of legal and to give appropriate assurances in relation to requirements to provide privileged documents.

What this means for solicitors

In-house solicitors and heads of legal are advised to follow developments and, in particular, whether the FCA provides further appropriate guidance.

Next steps

The closing date for the consultation is 23 April. We await the FCA’s decision following this.

View the consultation on the FCA website

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