Internal transfers and promotions: financial services
NOTE: The Senior Managers Regime (SMR) and Certification Regime (CR) apply to all UK-incorporated banks, building societies, credit unions and PRA-regulated investment banks (s.71A Financial Services and Markets Act 2000) and replace the Approved Persons Regime for individuals working within those firms. The SMR and CR were extended to insurers on 10 December 2018, and will be extended to all FCA-authorised firms, which includes asset managers, brokers and consumer credit firms, from 9 December 2019.
- If an internal transfer or promotion involves an approved person, or a person who has been approved to perform a senior management function, it may trigger a requirement for the firm to notify the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA) of the relevant changes. (See General notifications in respect of approved persons and persons approved to perform senior management functions)
- The requirement to maintain high levels of training and competence of employees extends to the situation where an employee is transferred or promoted internally. (See Training and competence)
- The job descriptions of transferred or promoted employees must be accurate and must be kept up to date. (See Job descriptions)