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The Senior Managers & Certification Regime (SMCR) consists of three key parts:

  • the Certification regime
  • the Conduct Rules 
  • the Senior Managers Regime

The SMCR was introduced in December 2019 to set a new standard of conduct in financial services, with the aim of ensuring key staff are fit and proper to perform their roles, have greater personal accountability, and to set minimum standards of conduct.

SMCR applies to almost every UK solo-regulated firm, from very small firms (including sole traders and limited permission consumer credit firms) to some of the largest global firms. It is part of the FCA’s drive to improve culture, governance and accountability in financial services. It aims to increase individual accountability and reduce misconduct. Compliance with SMCR and embedding a positive culture should be a priority for firms.

In 2023, as part of the Edinburgh Reforms, HMT launched a Call for Evidence to review the performance, effectiveness, and scope of the regime. In parallel, the FCA and PRA published a joint discussion paper (DP) to seek input on potential ways to improve the SMCR regime

PIMFA response to HMT and the FCA/RA can be found here

An update from HMT, the FCA, and PRA is expected to be published in 2024.

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