It is well known that the FCA is readying itself to roll-out the Senior Managers and Certification Regime (SMCR) to all authorised firms.
It is well known that the FCA is readying itself to roll-out the Senior Managers and Certification Regime (SMCR) to all authorised firms. The goal of the SMCR reforms is to increase levels of actual and perceived accountability. A version of SMCR has applied to banks since March 2016.
It is expected that a staged roll-out will commence later this year and be completed in 2019. Whilst the final rules are not in effect yet, firms not currently in the SMCR regime should engage now with the prospective changes to ensure that their house is in order.
This note explains some features of SMCR and the FCA's recent consultations, to help firms understand what is to come.
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.