In 2016, the U.K.’s Senior Managers and Certification Regime (SM&CR) went into effect for the banking industry, introducing a heightened level of personal responsibility for senior managers at those institutions. The U.K. Financial Conduct Authority (FCA) recently took steps to expand the SM&CR to cover all sectors of the financial services industry, including private fund managers. This expanded coverage is expected to become effective in 2018. The FCA has issued three consultation papers pertaining to the transition of FCA-regulated firms to the SM&CR. This article outlines the portions of those consultation papers that are most relevant to private fund managers. For more on the SM&CR, see “FCA Director of Enforcement Details the Goals and Tenets of the Agency’s Senior Managers Regime and Proposed Modifications to Its ‘Early Settlement’ Program” (Feb. 16, 2017); and “FCA Enforcement Director Emphasizes Responsibilities Under Senior Managers Regime” (Jun. 2, 2016).