Senior Managers & Certification Regime (SMCR)
What is SM&CR?
The FCA and PRA introduced the Senior Manager and Certification Regime (SM&CR) to deposit taking institutions in 2016, changing the way that individuals are regulated in the financial services industry. In 2019 the regime was extended to nearly all FCA regulated firms. SM&CR is the biggest change in the regulation of individuals in recent history and introduces a new era of accountability, aiming to improve conduct at all levels.
How SMCR might affect your business
The impact of this new accountability regime is now becoming clearer, with the FCA and PRA now embedding individual conduct and accountability considerations throughout their supervisory and enforcement activities, with more direct questions being asked of individual Senior Managers.