HM Treasury (HMT), the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have commenced separate reviews of the Senior Managers and Certification Regime (SM&CR).
The FCA and PRA are reviewing the effectiveness, scope, and proportionality of the regulatory regime – respond to the Discussion Paper via a survey.
HMT has, in parallel, launched a Call for Evidence (closing on 1 June 2023) to look at the legislative aspects of the regime. The reviews aim to understand stakeholders’ views on the functioning of the SM&CR and to identify ways to improve the regime to help it work better for firms and regulators, while preserving its underlying aims.
The SM&CR aims to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence.
If you would like to feedback to the BVRLA your experience implementing and living with SM&CR, email [email protected].
