UK:
Senior Managers And Certification Regime A Step Closer
16 April 2018
Mishcon de Reya
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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.
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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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