Senior staff will soon face potentially unlimited fines if they fail to meet conduct standards under incoming rules that have already enabled the FCA to "bare its teeth" in efforts to transform the culture of the markets it regulates.
The Senior Managers & Certification Regime (SM&CR) will apply to the wider financial services sector from 9 December 2019, placing upon it new administrative, regulatory and conduct requirements that banks and other large financial institutions have been subject to since 2016. SM&CR aims to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct, while encouraging a culture of personal responsibility throughout businesses. Under SM&CR, employees are either deemed 'senior managers' or 'certified persons', with the former having ...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.
