The FCA and PRA published policy statements outlining changes to the Senior Manager & Certification Regime (SM&CR), alongside HM Treasury's consultation response.
The FCA and PRA’s Senior Managers & Certification Regime (SM&CR) policy statements mark a welcome step towards reducing operational complexity while maintaining robust standards of individual accountability. We're pleased to see the regulators take a pragmatic approach to improve the regime’s efficiency, alongside the intended legislative changes announced today by HM Treasury to enable more far-reaching reform.
These measures should help to streamline processes and alleviate some of the complexity firms currently face under SM&CR. We look forward to working with the regulators to harness this increased flexibility and further reduce the administrative requirements on firms in this and other areas.
David Otudeko
Director of Regulation at the ABI