Bank of England and FCA launch consultation on SM&CR

Consultation is a part of the Edinburgh Reforms

Elliot Gulliver-Needham
clock • 2 min read

The Bank of England (BoE) and the Financial Conduct Authority (FCA) have launched a consultation on the Senior Managers and Certification Regime (SM&CR).

In December, the government said that as part of the Edinburgh Reforms, the Treasury, FCA and Prudential Regulation Authority (PRA) would begin separate reviews of the SM&CR. The FCA and PRA are reviewing the effectiveness, scope, and proportionality of the regulatory regime, while the Treasury examines the legislative side. Introduced in 2016, the regime was put in place to reduce consumer harm and strengthen market integrity in the financial services sector by making individuals accountable for their conduct and competence. Under the regime, senior executives could face penalties...

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

FCA clamps down on marketing of cryptoassets

FCA clamps down on marketing of cryptoassets

Includes a 24-hour cooling-off period for first time investors

clock 08 June 2023 • 4 min read
Be careful what you wish for on crypto regulation

Be careful what you wish for on crypto regulation

Shutting the stable door after the horse has bolted

Laith Khalaf
clock 07 June 2023 • 3 min read
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