Tim Harris spoke with Pensions & Investments about the recent expansion of the Senior Managers and Certification Regime to cover all FCA-regulated firms. The regulation, which extends requirements that have applied to bankers for years, will require firms to certify that staff – such as portfolio managers, analysts and other employees – are "fit and proper" to invest client money. Money managers operating in the U.K. will have to set their own criteria against which to assess staff.

It also means that firms may end up straying into employees' social and personal lives in ways they have not done before, said Tim Harris (subscription required).