Regulators unveil plans to simplify Senior Manager and Certification Regime
Britain's two financial regulators, the PRA and the FCA, have announced parallel consultations on simplifying the Senior Managers and Certification Regime (SM&CR).
The regime was introduced 10 years ago to build a culture of accountability among senior decision-makers at regulated firms. Under the proposals, the number of roles that face enhanced regulatory checks would fall significantly, and regulator pre-approval would be removed for a range of functions.
The regulators say the changes would save firms around £2 billion over a decade while keeping high standards of individual accountability and conduct, letting firms put more resources into customer outcomes, hiring, innovation and investment.
Key points
- Estimated saving: about £2 billion over 10 years
- Joint PRA and FCA consultations
Summary written by Readthrough from the original article. The full story, with photos and any updates, is at Bank of England.
