Brokers and MGAs warned to remove staff who are not 'fit and proper' for SMCR rules
The Financial Conduct Authority has cautioned brokers and managing general agents not to assume someone is “fit and proper” for roles under the Senior Managers & Certification Regime, with the expectation being that “some” staff will not meet standards.
In a Dear CEO letter on supervision, dated 3 November, the city watchdog flagged four areas of concern for firms in its Lloyd’s and London Market Intermediaries portfolio, which also encompasses
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