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.
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