Mark Greenwood: Is SM&CR the dawn of a new era?

By now, you will no doubt be aware of the forthcoming Senior Managers & Certification Regime (SM&CR) but why is it being implemented, what exactly is the SM&CR and what will the implications be for your firm? The origins of the regime came after the financial crisis, when recommendations were made by Parliament that the Financial Conduct Authority (FCA) develop a new accountability system that was more focused on senior managers and individual responsibility, and so the SM&CR was created. It has been applied to banks, building societies, credit unions and PRA-designated investment fir...