SM&CR sparks just one enforcement action in nearly five years

With many of the requirements applicable to dual-regulated asset and wealth management sector firms as of December 2019, SM&CR introduces new administrative, regulatory and conduct rules 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. Business disruption caused by the coronavirus pandemic forced the FCA earlier this year to delay the introduction ...