SM&CR is a cultural wake-up call for the investment industry

New regulation comes into effect in December

With less than six months to go until the implementation of the Senior Managers and Certification Regime (SM&CR), most investment firms are underprepared for what the regulation will demand of them.

The regime's implementation signals the transition to a supervised culture of good governance that will, for the first time, go much deeper than the roles and responsibilities of a select few senior managers. A recent PIMFA webinar attended by both PIMFA members and non-members found just over 50% of firms have started designing a framework to identify their senior managers, their roles and responsibilities, and the criteria for certification, but less than 10% feel ready and equipped to drive conduct into the culture and strategy of their firm. What will the new SMCR extension mean f...