UK’s Senior Managers and Certification Regime (SMCR)

First introduced in the banking sector in 2016 in response to significant conduct failings and the 2008 financial crisis, the Senior Managers and Certification Regime (SMCR) is part of the UK regulators’ drive to improve culture, governance, and accountability within financial services firms. The SMCR aims to deter misconduct by improving individual accountability and awareness of conduct issues across firms, and to promote a culture where employees at all levels take personal responsibility for their actions, with good regulatory compliance practices central to its requirements.

This resource offers developments on the SMCR and our London team’s insights into them.