SM&CR went from ‘just right’ to ‘too much’ in a decade
Description
In this episode Rachel Wolcott and Lindsey Rogerson discuss the proposed changes to the UK’s landmark Senior Managers & Certification Regime (SM&CR). At its inception it was deemed to be framework proportionate to challenge of holding financial services senior managers accountable, but 10 years on the UK government and regulators view some aspects to be a burden. Rachel and Lindsey look back at the post-Global Financial Crisis landscape that brought SM&CR into being, the lack of enforcement action around the regime as well as some of the proposed changes.
Links
More senior manager penalties coming, says UK watchdog
Financial Conduct Authority consultation: https://www.fca.org.uk/publication/consultation/cp25-21.pdf
Prudential Regulation Authority consultation: https://www.bankofengland.co.uk/prudential-regulation/publication/2025/july/review-of-the-senior-managers-and-certification-regime-consultation-paper
HM Treasury consultation: https://www.gov.uk/government/consultations/consultation-reforming-the-senior-managers-certification-regime
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