The Senior Managers Regime separates firms into three categories:
Firms captured by the Core Regime – this is the baseline category; the Core Regime will capture most solo-regulated firms. Firms outside this category may be subject to fewer (Limited Scope) or more (Enhanced) requirements depending on where they sit.
Firms captured by the Limited Scope Regime – subject to fewer requirements; currently these firms will typically have a limited application of the Approved Person regime. Among others this will be limited consumer credit firms and secondary insurance intermediaries; it may also include sole traders.
Firms captured by the Enhanced Regime – the FCA estimates only 1% of firms will fall into this category; it will capture the largest, most complex firms and there are specific criteria which apply to determine if a firm is captured. Firms in this category will be subject to additional requirements.
Currently, if your firm falls into one of the categories in the list below you will be an Enhanced Scope firm. There are ongoing consultations about the regime so it is possible that these criteria may change. The number in brackets represents the total number of firms which the FCA believes will fall into each category:
- 1. A firm which is a Significant IFPRU firm 
- 2. A firm which is a CASS Large firm 
- 3. Firms with Assets Under Management of £50 billion or more (at any time in the previous 3 years) 
- 4. Firms with current total intermediary regulated business revenue of £35 million or more per annum 
- 5. Firms with an annual regulated revenue generated by consumer credit lending of £100m or more 
- 6. Mortgage lenders (that are not banks) with 10,000 or more regulated mortgages outstanding