Recruitment: financial services

Updating authors: Nick Thorpe
Consultant editor: Michael Sholem, Macfarlanes

Summary

• Recruitment for employees in regulated firms should follow the usual employment law principles in addition to the requirements of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). (See General position for regulated firms)
• The SMR requires senior managers recruited to carry out senior management functions (SMFs) in relevant firms to be pre-approved by the PRA or FCA. (See Recruitment of persons to perform senior management functions)
• Under the CR, relevant firms are responsible for certifying the fitness and propriety of staff performing certification functions. (See Recruitment of persons to perform certification functions)
• There is a prescribed application process for approval to perform an SMF. (See Recruitment of persons to perform functions under the Senior Managers and Certification Regimes: procedural considerations)