Mortgage advisers in institutions already covered by the Financial Conduct Authority’s (FCA) Senior Managers Certification Regime (SMCR) must be registered from today.
The regime was introduced a year ago and applies to senior managers in deposit taking institutions and the largest investment banks.
From today the Certification Regime also covers staff in roles within these organisations that can cause significant harm to either the firm or its customers.
This includes investment and mortgage advisers, for example, at high street banks.
The FCA repeated that it will be consulting on its proposals for the wider industry which includes independent mortgage brokers, during the second quarter of the year.
The regulator expects to begin implementing these rules next year.
