Bank of England and FCA launch consultation on Senior Managers and Certification Regime

Part of Edinburgh Reforms

The Bank of England and the Financial Conduct Authority have launched a consultation on the Senior Managers and Certification Regime (SM&CR).

In December, the government said that as part of the Edinburgh Reforms, the Treasury, FCA and Prudential Regulation Authority would begin separate reviews of the SM&CR. The FCA and PRA are reviewing the effectiveness, scope, and proportionality of the regulatory regime, while the Treasury examines the legislative side. Introduced in 2016, the regime was put in place to reduce consumer harm and strengthen market integrity in the financial services sector by making individuals accountable for their conduct and competence. Under the regime, senior executives could face penalties rangi...