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

Related Regulations

FSMA Financial Services Act

FCA Consumer Duty Regulation

UK GDPR Data Protection Act

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