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UK FCA Approved Flag In PeopleSoft HRMS (Doc ID 2099662.1)

Last updated on SEPTEMBER 26, 2019

Applies to:

PeopleSoft Enterprise HCM Human Resources - Version 9.2 and later
Information in this document applies to any platform.


On : 9.2 version, Job / Personal Information

United Kingdom (UK) region needs to flag certain employees as FCA (Financial Conduct Authority) approved.

An approved person is an individual who has been approved by the FCA and/or the Prudential Regulation Authority (PRA) to perform one or more controlled functions on behalf of an authorized firm.

For more information, here is a link to the FCA:


Please find the brief note on the changes:

Parliamentary Commission on Banking Standards and the recent Financial Services (Banking Reform) Act 2013 (BR Act), the PRA and FCA are now proposing in their joint consultation paper (FCA CP14/13 / PRA CP14/14 (CP14/13)) the following regulatory framework for individuals:

a) Senior Managers Regime (SMR) – these rules will cover individuals who are subject to regulatory approval and will require firms to allocate a range of responsibilities to these individuals and to vet their fitness and propriety in those roles. This regime will cover a narrower group of people than the current approved persons regime.

b) Certification Regime – this will require relevant firms to assess the fitness and propriety of certain employees who could pose a risk of significant harm to the firm or any of its customers. A large majority of a firm's employees will be included.

c) Conduct Rules – this is referring to professional conduct rather than conduct of business.  These rules will apply to those included in both the SMR and the Certification Regime and will cover the majority of a firm's employees.

The purpose of the proposals is to enhance individual accountability and clarify the specific responsibilities of senior managers. The proposals apply to all UK authorized banks, building societies or investment firms who have permission to deal as principal and undertake PRA regulated activities. The new rules will affect a high percentage of a firm's staff. Project teams should be established to examine a firm's current arrangements, work out who will fall under the proposed regimes and then put in place the necessary changes to policies, regulatory reporting and training, as well as assigning responsibility for the production of reports, such as the Responsibilities Map.



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