Senior Managers Regime proposals set out for benchmark administrators

By Neasa MacErlean

Benchmark administrators are invited to comment on FCA proposals that would see them come under the scope of the Senior Managers Regime from 7 December 2020. The Financial Conduct Authority estimates the annual cost of compliance per firm at an average of £2,830 to £4,080 for those that are categorised as ‘Core’. There would also be a one-off cost of £11,150, suggests the regulator.