UK Regulators Propose Ending Certification Rules for 139,000 Staff

The United Kingdom’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposed removing a certification system covering about 139,000 people below senior-manager level, with the changes also extending to cryptoasset firms due to enter the regime. The Certification Regime is part of the Senior Managers and Certification Regime (SM&CR), introduced for banks in 2016 and later extended across financial services. Senior-manager rules set accountability requirements for senior roles, while certification covers certain staff below that level. The proposal is part of Phase 2 of a review; Phase 1 rules were published in April 2026. The plan would end fitness-and-propriety checks when covered staff are hired and annually, as well as certificates and regulatory references for people who were previously certified.

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