accountability,
innovation,
regulatory strategy,
SM&CR,
regulatory updates,
UK
“The SM&CR has driven up standards in financial services. But we want to boost competitiveness, and support growth, by streamlining the regime while preserving its benefits.” — FCA CP25/21
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innovation,
regulatory strategy,
SM&CR
“We are rewiring the UK’s financial system to unlock investment, drive innovation, and create skilled jobs across the country.” — Chancellor Rachel Reeves, Mansion House Speech 2025
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governance,
accountability,
SM&CR,
Consumer Duty,
GRC,
financial crime
"Good strategy, like good nutrition, is all about balance. The right elements, working together, to support long-term health." (Emily Shepperd, FCA's COO, June 2024)
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FCA,
Regulatory initiative grid,
regulatory strategy,
SM&CR,
Product Governance
The 8th edition of the Regulatory Initiatives Grid (Grid) was published in April 2025. It sets out more than 90 ongoing or upcoming policy and regulatory actions over the next 24 months affecting UK firms. The Grid signals a deeper regulatory intent to recalibrate UK...
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operational resilience,
SM&CR,
third party risk
In a recent blog, the UK’s FCA strikes a frank and open tone: operational resilience is not a box-ticking exercise. This is a message that has been sent before, and we hear it again in this blog issued on 15th April 2025. Operational resilience is business critical....
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accountability,
SM&CR,
audit trail
SM&CR Under Review: What You Need to Know The SM&CR review was announced as part of the Edinburgh reforms towards the end of 2022, with HM Treasury indicating that “ some stakeholders have raised concerns about their experiences of specific aspects of the regime .”...
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wealthmanagement,
consumerduty,
compliance,
corporate governance,
risk management,
conflicts,
SM&CR
Conflicts of interest is a subject matter that should be relatively easy to understand and as such, straightforward when it comes to compliance. Why then do we hear of senior managers who have failed to declare a potential conflict or to recuse themselves from related...
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accountability,
oversight,
risk management,
SM&CR,
FMIs
UK Government issued a consultation paper last year setting out its proposals to replicate the Senior Managers & Certification Regime (SM&CR) for Financial Market Infrastructures (FMIs), who are not authorised firms. Here we look at the outcome of that consultation....
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CPD,
SM&CR,
competence,
audit trail
One of the fundamental obligations applicable to all regulated firms is the need to implement appropriate processes to manage risks. One such risk is that of providing unsuitable advice to consumers. This area has been a regulatory hot topic for some time. Remember the...
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governance,
accountability,
culture,
corporate governance,
oversight,
Code of Conduct,
SM&CR,
competence,
audit trail
The Senior Managers & Certification Regime (SM&CR) was first introduced in 2016 for banks and then phased in until it was finally extended to include the remaining regulated firms at the end of 2019. SM&CR aims to encourage greater accountability within firms whilst...
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governance,
accountability,
culture,
remuneration,
SIMR,
SM&CR,
certification,
competence
The Senior Managers & Certification Regime (SM&CR) for insurers took effect in December 2018. As part of the Solvency II regime, insurers were already subject to the Senior Insurance Managers Regime (SIMR) introduced in 2016. Despite that, there were some new...
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governance,
accountability,
SM&CR,
MIC regime,
FAR,
BEAR,
SEAR
Since the financial crisis of 2008 regulators worldwide have been introducing reforms to improve individual accountability within firms. Regulators were criticised for their lack of action and not preventing the crisis. Further criticism was aimed at firms’ failings...
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