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...

To continue reading this article...

Join Professional Adviser

  • 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.



Already a Professional Adviser member?


More on Regulation

Caroline Rainbird

FSCS levy demand for 2023/24 'significantly' cut to £270m

Updated levy is £208m lower than the forecast published in November 

Jenna Brown
clock 25 May 2023 • 3 min read
SDR holds “a lot of promise”, the firm said, especially in a simplified disclosure for consumers

Morningstar: FCA has 'once-in-a-generation opportunity' in SDR

Sustainability Disclosure Requirements to build a 'truly cohesive' framework

Elliot Gulliver-Needham
clock 18 May 2023 • 3 min read
FCA censures Lighthouse after British Steel 'serious failings'

FCA censures Lighthouse after British Steel 'serious failings'

Quilter-owned firm has paid out £23m in redress

Jenna Brown
clock 15 May 2023 • 2 min read