The FCA has issued a statement on individuals with overall responsibility for the legal function within the Senior Managers regime. This follows the publication of its final rules on the Senior Manager regime in the Consultation Paper CP15/22.
The FCA has realised that there is industry uncertainty as to whether an individual in charge of a firm’s legal function requires approval under the Senior Managers regime. The FCA therefore plans to consult in this area and also makes clear that firms that have sought to make decisions in good faith about whether or not approval is needed for this function, on the basis of its published rules and other communications, should not need to change their approach in the interim.
For further information on this development, see our briefing: FCA Update - The Legal Function under the Senior Managers Regime.