London, 23 October 2026: In response to the FCA’s consultation on changes to streamline and improve the Senior Managers and Certification Regime (SM&CR) second phase reforms, John Levett, Head of Regulatory Affairs at the Lloyd’s Market Association (LMA), said: “The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have taken on board many of the comments that the LMA made in 2025. We are happy with the proposal to remove the requirement and burden for certification of senior staff who are already subject to the Code of Conduct.

“Reducing the application process to some key Senior Management Functions (SMF) will reduce some costs and friction associated with onboarding other staff.  

“As these changes are deregulatory, we hope it may be possible to implement them faster than the timeline currently proposed of year end 2027.

“The consultation does not go as far as we had hoped on interim appointments. We still believe that only allowing an interim appointment for 18 weeks is insufficient time to conduct an appropriate executive search. We hope the FCA will consider our call for a longer 26-week period.”

ENDS

Notes to Editors

Media relations contacts

LMA:
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com

Omnia Partners:
Victoria Sisson, Partner | +44 794 129 4872 | Email: victoria.sisson@weareomniapartners.com

Notes

About the Lloyd’s Market Association

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.