FCA unveils Statements of Responsibilites guidance ahead of SM&CR

Senior manager function (SMF) holders will have to adhere to a Statement of Responsibilities (SoR) under the Senior Managers and Certification Regime (SM&CR), which should be expressed in approximately 300 words, and use positive language to explain what is included in the executive's responsibilities. The content of the SoR effectively imposes culpability on the senior manager and in the event of regulatory criticism, the SMF holder must explain the reasonable steps taken by them to endeavour to ensure compliance with it. In its guidance, published on Thursday (11 October), the Finan...