A practical directory for regulated firms and senior managers
Anyone running, advising or working in an FCA-regulated firm spends a surprising amount of time looking for the right official source. Where is the definitive rule? Who holds which senior manager function at a competitor? Where do suspicious activity reports go? What changed this month?
This page gathers the most useful third-party resources in one place: the regulators and their rulebooks, the Senior Managers and Certification Regime, financial crime and sanctions, complaints and compensation, professional bodies, and a running summary of recent regulatory developments. It is aimed at boards, senior managers, compliance and MLRO professionals, finance teams and the people who recruit them.
Links point to the original sources wherever possible. Regulatory requirements change frequently, so always check the official source before relying on any summary, including the ones below.
Recent regulatory developments
A short digest of recent changes that matter to regulated firms and their senior managers, most recent first. Updated periodically.
Cryptoasset authorisation gateway opens (30 September 2026)
The FCA opened its authorisation gateway for the new UK cryptoasset regime on 30 September 2026. The regime itself takes effect on 25 October 2027. Firms already carrying on cryptoasset business in the UK that want to continue are expected to apply within the initial application window, which reports indicate runs to 28 February 2027, so that they can rely on the transitional arrangements while their applications are assessed. The FCA has described the opening of the gateway as a landmark moment, with the new framework covering consumer protection, safeguarding, market integrity and financial resilience. See Professional Adviser’s report on the gateway opening.
For firms preparing applications, the senior management team is central. Newly authorised cryptoasset firms will need senior managers who can satisfy the FCA, including credible compliance oversight and money laundering reporting holders.
Cryptoasset perimeter guidance finalised (PS26/18)
The FCA has published its final perimeter guidance for the new cryptoasset activities, inserting a new chapter, PERG 18, into its Perimeter Guidance Manual. It explains how the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 extend the regulatory perimeter, including the definition of a qualifying cryptoasset, the new regulated activities, the “by way of business” test and the treatment of overseas firms serving UK customers. The core regime rules were published earlier, in policy statements PS26/9 to PS26/13 on 30 June 2026.
Cryptoasset prudential and risk assessment guidance (30 September 2026)
Alongside the gateway, the FCA published finalised guidance on the overall risk assessment that cryptoasset firms will need to carry out, covering cryptoasset-specific stress scenarios, wind-down planning, own funds thresholds and stablecoin issuers, together with parallel guidance for other solo-regulated firms. Both take effect on 25 October 2027.
Handbook Notice 144 (September 2026)
The FCA’s Handbook Notice 144 records a batch of instruments made in July and September 2026, including cryptoasset fees, financial promotion notification requirements for cryptoasset approvals, cryptoasset market abuse amendments, transaction reporting changes and fund liquidity management.
High-cost short-term credit price cap (6 October 2026)
The FCA announced that it will not proceed to the second stage of its 2026 review of the high-cost short-term credit price cap, and will instead monitor the market using data, including new consumer credit product sales data.
Non-financial misconduct rules (1 September 2026)
Changes to how non-financial misconduct is treated under the conduct rules and in fitness and propriety assessments took effect on 1 September 2026, completing the timetable set out in the FCA’s SM&CR reform policy statement.
Buy Now Pay Later regulation (15 July 2026)
The FCA began regulating Deferred Payment Credit, commonly known as Buy Now Pay Later, on 15 July 2026, under the rules in PS26/1. Lenders registered for the temporary permissions regime can continue lending while their full applications are assessed.
SM&CR thresholds raised (10 July 2026)
The Enhanced thresholds under SM&CR rose by roughly 30%, including to £65bn of assets under management, £45m of intermediary regulated business revenue and £130m of regulated consumer credit lending revenue.
Safeguarding regime for payments and e-money firms (7 May 2026)
The FCA’s supplementary safeguarding rules in PS25/12 came into force, introducing daily reconciliations, a monthly safeguarding return, annual safeguarding audits and resolution packs.
SM&CR reforms, first wave (24 April 2026)
The FCA’s SM&CR review policy statement (PS26/6) made the first set of changes to the regime. Firms now have 12 weeks to submit an application for a replacement senior manager, with the cover individual able to continue until the application is decided; regulatory references must be provided within four weeks rather than six; and criminal records checks for new senior managers remain valid for six months. The PRA published its parallel changes in PS12/26.
Regulators and official sources
- Financial Conduct Authority (FCA): the conduct regulator for tens of thousands of UK financial services firms, and the prudential regulator for those not supervised by the PRA. Its website carries policy statements, consultations, Dear CEO letters, portfolio letters and enforcement notices.
- FCA Handbook: the definitive text of the FCA’s rules and guidance, including SYSC, SUP, COCON, CONC, COBS, CASS and the Financial Crime Guide.
- Financial Services Register: shows every authorised firm, its permissions and the individuals approved to perform senior manager functions. Essential for checking candidates and counterparties.
- Prudential Regulation Authority (PRA): the prudential regulator for banks, building societies, credit unions, insurers and major investment firms, part of the Bank of England.
- HM Treasury: sets the legislative framework for financial services, including the perimeter of regulated activities.
- Payment Systems Regulator: the economic regulator for payment systems, responsible for the authorised push payment fraud reimbursement rules.
- legislation.gov.uk: the official home of UK legislation, including FSMA 2000, the Money Laundering Regulations 2017, the Payment Services Regulations 2017 and the Electronic Money Regulations 2011.
Senior Managers and Certification Regime
- FCA SM&CR hub: the FCA’s guide to the regime for solo-regulated firms, including firm categories, senior manager functions, certification and conduct rules.
- PS26/6: the FCA’s 2026 policy statement reforming the regime.
- PRA PS12/26: the PRA’s equivalent changes for dual-regulated firms.
For a function-by-function guide to recruiting senior managers, see our SMF recruitment guide.
Financial crime and sanctions
- FCA Financial Crime Guide: practical guidance on the FCA’s expectations of firms’ financial crime systems and controls, including the role of the MLRO.
- Joint Money Laundering Steering Group (JMLSG): industry guidance on anti-money laundering and counter-terrorist financing for the financial sector.
- National Crime Agency: the UK Financial Intelligence Unit, which receives suspicious activity reports and handles requests for a defence against money laundering.
- Office of Financial Sanctions Implementation (OFSI): the UK’s financial sanctions authority, which maintains the consolidated list of asset freeze targets.
- Financial Action Task Force (FATF): the international standard-setter for anti-money laundering and counter-terrorist financing, including its lists of high-risk and monitored jurisdictions.
Complaints, compensation and data
- Financial Ombudsman Service: resolves complaints between consumers and financial businesses, and publishes decisions and complaints data.
- Financial Services Compensation Scheme: the UK’s compensation scheme for customers of failed authorised firms.
- Information Commissioner’s Office: the UK data protection regulator, relevant to customer data, recruitment records and regulatory references.
Professional bodies and qualifications
- International Compliance Association (ICA): professional body and qualifications for compliance and financial crime professionals.
- Chartered Institute for Securities & Investment (CISI): professional body for securities, investment and wealth, including the Level 4 qualifications required of retail investment advisers.
- ICAEW: the Institute of Chartered Accountants in England and Wales, with extensive resources on financial services regulation and audit.
- Chartered Governance Institute UK & Ireland: professional body for governance and company secretarial professionals.
- Institute of Directors: guidance and training for board directors, including non-executives.
Specialist recruitment resources
For firms hiring senior managers and compliance leaders, the following specialist resources may help:
- SMF Capital: senior manager recruitment across the FCA’s designated functions, with designation guides and a live jobs board.
- FD Capital fractional compliance officers: part-time Heads of Compliance and MLROs holding SMF16 and SMF17, alongside finance leadership for regulated firms.
- Exec Capital SMF salary guide: pay benchmarks across the senior manager functions.
- NED Capital SMF9 chair guide: guidance on appointing a chair of a regulated firm.
- Accountancy Capital: financial controllers and finance teams for FCA-regulated firms.
To hear practitioners discuss the Senior Managers regime, see our page of SMF and FCA regulation podcasts.
How to stay up to date
- Subscribe to the FCA’s email alerts for the sectors and topics relevant to your firm.
- Read the FCA’s Regulatory Initiatives Grid, published jointly by the UK regulators, which sets out the planned pipeline of regulatory change.
- Review each monthly Handbook Notice for changes to the rules that apply to you.
- Read Dear CEO and portfolio letters for your sector; they set out the FCA’s supervisory priorities.
- Track enforcement notices for lessons on what goes wrong, particularly for senior managers.
Frequently asked questions
Where can I check whether someone is an approved senior manager?
Search the individual or the firm on the FCA’s Financial Services Register, which shows current and past senior manager functions.
Where are the FCA’s rules published?
In the FCA Handbook, which is available online and is updated as new instruments take effect. Monthly Handbook Notices summarise each round of changes.
When does the new cryptoasset regime start?
The FCA’s authorisation gateway opened on 30 September 2026, and the regime takes effect on 25 October 2027. Firms already operating should check the FCA’s application window and transitional arrangements carefully.
Where do suspicious activity reports go?
To the National Crime Agency, through the firm’s nominated officer, usually the MLRO.