l SMCR Rollout: Less Than Three Months To Go | SMCR Compliance

SMCR Roll-out: Less Than Three Months To Go, Are Firms Ready?

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The second wave of the Senior Managers and Certification Regime (SMCR) will be active from December 9, 2019. With less than three months to go, this article provides some background, guidance and practical tips for all firms that will fall under the regime.

The SMCR arose from the ashes of the 2008 financial services crisis and the subsequent 2013 “Changing Banking for Good” report, prepared and written by the Parliamentary Commission on Banking Standards. The aim of the SMCR was to replace the much-maligned Approved Persons Regime (APER) with a new structure that promoted individual accountability (especially at senior manager level), raised standards of governance and encouraged cultural change in the financial services arena, and which would, in return, restore the public’s confidence in this sector.