The extension of the Senior Managers & Certification Regime (SM&CR) is expected to be the most impactful regulation since MiFID II came into effect 18 months ago. From 9 December, the rules will extend to all 47,000 authorised firms that are not yet covered by the regulation.
The FCA says: “We want firms and individuals to create and maintain cultures that reduce the potential for harm. The SMCR is integral to this and directly targets the culture of firms.
“It aims to improve conduct across the industry by setting basic standards for everyone working in financial services and bringing clarity to who is accountable for what.”