Insights & News

Senior Managers Regime, Certification Regime and Conduct Rules

Inbrief

11 January 2022

The Senior Managers Regime, Certification Regime and Conduct Rules (SMCR) was introduced in response to the global economic crisis to strengthen accountability and encourage good governance. The regime requires clear allocation of responsibilities to senior managers and, crucially, makes it much easier for them to be held personally liable for governance failures. It also aims to improve awareness of conduct issues across firms and, together with increased individual accountability, deter misconduct.