UK: FCA clarification - the Senior Managers Regime and responsibility for a firm's legal function

The Financial Conduct Authority has today announced that it will soon consult on whether an individual within a firm having responsibility for the legal function should require approval within the Senior Managers Regime: see here. The FCA also provides, in its statement, a clarification of its current position, and an explanation of the approach it will adopt in respect of firms' decisions in the interim period given the uncertainty that exists.