The Senior Managers and Certification Regime (SMCR) was first introduced in the banking sector in March 2016 with the aim of creating greater individual accountability of those working within financial institutions. The FCA hoped to strengthen the integrity of the financial services and increase protection for consumers in the wake of the scandals of previous years.
From 9th December 2019, the regulations are to be extended to all FCA solo-regulated firms, meaning a further 50,000 businesses will be covered.
This article looks at the impact the regulations will have and how such firms can prepare ahead of the looming December deadline. Continue reading →