UK:
Extension Of The Senior Managers And Certification Regime
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The highly anticipated FCA
Consultation Paper (CP17/25) on the extension of the Senior
Managers and Certification Regime (SMCR) to all financial services
firms was released yesterday, 26 July 2017. The SMCR is already
place for banks, building societies, credit unions and PRA
designated investment firms.
The proposals are designed to develop an accountability system
that focuses on senior manager and individual responsibility, and
it forms a key part of the FCA's 'Culture & Governance
Priority' with an overarching aim to reduce harm to
consumers.
Deloitte has worked closely with a range of banks and insurers
since the proposed SMR rules were first announced in July 2014.
Currently we are assisting our asset management clients and other
financial services firms to prepare for the extension. Our
extensive experience to date suggests early engagement from firms
is vital to prepare for implementation of the proposed changes.
Below we outline the key components of the extension and steps
which firms should be taking in order to prepare for implementation
in 2018.
To view the article in full click
here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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