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Farrer & Co | Fit and proper?

Prior to 7 March 2016, the Financial Conduct Authority ("FCA") was responsible for assessing the fitness and propriety of those working within financial services in approved roles. However, under the new Senior Managers and Certification Regime ("SMCR"), which applies to deposit takers and Prudential Regulation Authority ("PRA") designated investment firms, there has been a shift in responsibility from the FCA to the firms themselves.

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