SMCR reform needs efficiency without sacrificing accountability

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...