Treasury committed to imminent SMCR call for evidence

Alongside a separate joint discussion paper by FCA/PRA

clock • 2 min read

The Treasury confirmed today it was committed to publishing a call for evidence on the Senior Managers and Certification Regime (SMCR) despite the recent banking turmoil which led to the emergency takeover of Credit Suisse at the weekend.

In response to PA, the Treasury said: "As announced on 9 December, the government committed to publish a call for evidence on the SMCR by the end of the first quarter 2023, alongside a separate joint discussion paper by the Financial Conduct Authority/Prudential Regulation Authority. These reviews will cover the effectiveness, scope, and proportionality of the regime." The SMCR encourages a culture of staff at all levels taking personal responsibility for their actions and to make sure firms and staff clearly understand and can demonstrate where responsibility lies. It was first appli...

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