The FCA has used its powers to block the appointment of senior staff due to "non-financial personal misconduct" issues, as the regulator ramps up its safeguarding against sexual misconduct ahead of the extension of the SM&CR.
The Senior Managers & Certification Regime (SM&CR), which aims to "reduce harm to consumers" by making senior people in firms more responsible and accountable for their actions, is being extended to all financial services firms in December 2019, having initially only been rolled out to banks. In a March speech, Financial Conduct Authority (FCA) executive director of supervision for wholesale and specialist investment Megan Butler identified SM&CR as giving the FCA the scope to take action on diversity. FCA unveils Statements of Responsibilites guidance ahead of SM&CR In a 28 Septe...
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