SMCR reform needs efficiency without sacrificing accountability

'If we lose sight of the SMCR's fundamental purpose we risk undoing years of progress'

clock • 4 min read

Shaun Hurst shares his views on the FCA's reform of the SMCR. Here he urges firms not to wait for regulatory minimums to define governance standards...

The Financial Conduct Authority's (FCA) plan to streamline the Senior Managers and Certification Regime (SMCR) has been penned as a way to reduce unnecessary friction in regulatory compliance. The first phase of the initiative, which focuses on simplifying documentation and removing redundant approvals, could genuinely make life easier for firms without diminishing the regime's protective function. Done well, it offers an opportunity to free up valuable resources, letting firms focus on serving customers rather than wrestling with paperwork.  While Phase 1 shows promise, Phase 2 is wh...

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