The Financial Conduct Authority (FCA) has issued new guidance and several clarifications around the Senior Managers and Certification Regime (SMCR), ahead of its coming into force in December.

The regulation means enhanced scrutiny by the FCA of individual managers’ personal accountability.

This week the FCA announced changes to the scope of the so-called “client dealing function” within SMCR, which means administrative staff will now be excluded.

“Following the publication of our policy statements…we received a large volume of...