SM&CR Accountability Regime
United Kingdom
2016
Consumer Protection
Overview
The Senior Managers and Certification Regime (SM&CR) is a UK regulatory framework introduced by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to enhance individual accountability within financial institutions. It assigns formal responsibilities to senior managers and ensures that key individuals are fit and proper to perform their roles.The regime also introduces Conduct Rules that apply broadly across firms, promoting ethical behavior, improved governance, and greater transparency. It is applicable to banks, insurance companies, investment firms, and solo-regulated firms.
Key Obligations
- Assign defined responsibilities to Senior Managers
- Maintain Statements of Responsibilities and a Responsibilities Map
- Certify relevant staff annually for fitness and propriety
- Train staff on Conduct Rules and track compliance
- Notify the FCA of breaches or role changes
- Keep regulatory references for hiring decisions
FAQ
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