The Senior Manager and Certification Regime (SM&CR) aims to increase individual accountability within financial institutions, raise standards of governance and restore confidence in the sector.
It initially came into force in March 2016 for banks, building societies, credit unions, large investment banks and branches of foreign banks operating in the UK. The Financial Conduct Authority (FCA) now plans to roll out the regulations to all financial services firms, starting in 2018 – affecting around 47,000 organisations.
The FCA’s consultation Paper, CP 17/25, released on 26 July is the first step towards this.
The SM&CR replaces the Approved Persons Regime, and contains three sets of rules: The Senior Managers Regime, The Certification Regime and The Conduct Rules.
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