The Senior Managers and Certification Regime (SMCR), which has headlined regulatory news over the past fourteen months, is currently undergoing major developments at government level prior to its official implementation on 7 March 2016.
The regime proposes to address the shortcomings in professional standards within the banking sector by imposing stricter regulatory control and greater transparency within firms responsible for managing risk, write William Yonge from the London Investment Management practice, and Lee Harding and Matthew Howse from the London Employment practice of Morgan Lewis.