How the SM&CR (SMCR) impacts you
The Senior Managers and Certification Regime (SM&CR, or SMCR) came into effect on 9 December 2019 impacting approximately 47,000 solo-regulated financial firms.
SM&CR is designed to improve accountability and enhance the focus on culture within financial services firms. The Financial Conduct Authority (FCA) implemented this regime for banks in early 2016 - and is now serious about enforcement.
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