The Senior Managers and Certification Regime in the banking sector has now been in place for a number of months and the ramifications of the regime have started to filter through at a level that affects individuals. In particular, it has revealed potential unfairness within the certification process for individuals.

Under the FCA’s previous system, a person seeking employment within the financial services industry would need to apply through their employer for such approval from the Financial Conduct Authority. The FCA would then assess and determine whether the individual met the ‘fitness and propriety’ test, which would look at their track record in order to unearth any ‘blemishes’ in their career history. If the FCA refused the application, the individual was able to challenge that decision before the Regulatory Decisions Committee, an independent authoritative body.