SMCR

The Senior Managers and Certification Regime (SMCR) introduced a new framework for individuals working in financial services firms, based around three key elements: 

• The Senior Managers Regime – an approval regime for individuals performing Senior Management Functions
• The Certification Regime – firms are solely responsible for assessing the fitness and propriety of employees who could pose a risk of significant harm to the firm or its customers
• The Conduct Rules – basic conduct standards applicable to most employees of the firm (save for purely administrative staff) 

The SMCR is designed to make it clearer who is responsible for what within a regulated firm, and so to make it easier for the regulators to hold individuals to account when things go wrong.