Senior Manager & Certification Regime (SM&CR) – what about the little people?
1 September 2017
The introduction of the Senior Managers & Certification Regime (SM&CR)
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The aim of the new SM&CR is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence. As part of this, the SM&CR aims to:
- encourage a culture of staff at all levels taking personal responsibility for their actions
- make sure firms and staff clearly understand and can demonstrate where responsibility lies
SM&CR is already in place in the banking sector. The FCA is extending the SM&CR to cover insurers and solo-regulated firms (those firms regulated only by the FCA) and proposing some changes to the current banking regime.