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Global HR Lawyers

Senior Managers Regime, Certification Regime and Conduct Rules

11 January 2022

Financial services firms are seeing some of the most significant regulatory changes affecting staff in many years.

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.

In this updated article, we provide an overview of the key elements of the SMCR regime as it applies across the various categories of firm that are now in scope, a regulator’s view on how successful the regime has been so far in achieving desired outcomes, and lastly how the regime may be expanded in future to capture additional types of financial services firms.

Please click 'download files' to read the full in-brief.

 

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