It probably makes sense to start by looking at the regime as it currently applies to those firms that are not currently within the senior managers and certification regime. As you're probably all generally aware, there are seven statements of principle and a code of practice for approved persons which I've set out in the APER section of the FCA handbook.

Now, these rules only apply to approved persons, the deal being that you only came within the disciplinary jurisdiction of the FCA and the PRA, to the extent that you have applied for approval to hold a controlled function. Now that approach to the disciplinary jurisdiction of the regulations has completely changed under this new regime as we'll see, but the regime, as it presently applies to firms outside of the SMCR, disciplinary jurisdiction only applies to approved persons. The rules in APER will continue to apply until 2018. The firm's not currently within the regime as we'll see in this. I've already mentioned we're expecting a consultation paper at some point within the next two months, so explain how the new regime, which currently applies to banks and insurers, will be applied to the rest of the industry. Next slide, please.

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