FCA has clarified its supervisory intentions on overall responsibility for the legal function under the Senior Managers Regime (SMR). After FCA published an indicative list of functions for which individuals with overall responsibility would need to be identified, there was confusion over the need to do so for responsibility over a firm’s legal function. FCA admits that its communications have not been clear and intends to consult on its clear position. For the time being, however, and until it has consulted, it says any firm that has sought to make a decision in good faith about whether or not the individual in question requires approval, on the basis of the published rules and other FCA communications, should not need to change its approach. (Source: FCA Clarifies Supervisory Intentions)