PIMFA
WHAT IS THE SENIOR MANAGERS & CERTFICATION REGIME?
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.
- WHY IS SMCR IMPORTANT?
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.
- UPDATE
Following publication of the HM Treasury Call for Evidence, and the joint FCA/PRA Discussion paper (DP23/3) on the The Senior Managers and Certification Regime (SM&CR), you can read the PIMFA responses here:
- PIMFA response to HMT Senior Managers & Certification Regime: Call for Evidence
- PIMFA response to FCA PRA DP23/3: Review of the Senior Managers and Certification Regime (SM&CR)
