As we approach the halfway point of the year, explains Stephen Whitfield, financial firms should already have a clear understanding of their classification and the steps they need to take to comply with the SM&CR
This December will see the introduction of the Senior Managers and Certification Regime (SM&CR) as part of the FCA's drive to improve governance and deter misconduct in the financial services sector. The SM&CR applies to solo-regulated firms and will pave the way for a new standard of personal conduct, placing greater accountability on managers and encouraging a healthier culture. While it has been emphasised the aim of the regime is to improve cultural accountability rather than penalise businesses, affected firms - and individuals - need to be sure they are prepared for the new regulat...
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