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.

Guides

Business people in conference with associates
SMCR for FCA Firms
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SMCR for Banks
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Certification of Overseas Employees
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Post-Implementation Considerations