Time is running out for asset managers to make SMCR progress

New regime begins in December 2019

364 days. That is all the time asset managers have left to be ready for the Senior Managers and Certification Regime (SMCR) by 9 December 2019, writes Jacqui Hughes, head of wealth and asset management regulation at KPMG UK.

But Brexit preparations and regulatory fatigue has left progress delayed across too many firms in a way they simply cannot afford. Asset managers have known this was coming since July 2017, and as the rules do not vary significantly from what we saw introduced in banks, the Financial Conduct Authority is unlikely to have sympathy for any firm not ready on day one. The industry needs to take immediate action. Schroders and Aviva Investors CEOs warn of 'unintended consequences' from SMCR The scope of SMCR will be vast - when extended the regulation will capture roughly 47,000 additio...