SMCR – Myths & Facts
With lots of information coming out from from the latest FCA announcement we have looked at the Myths and Facts to make it a bit clearer for you and your team. Myth: The Certification Regime is being scrapped, so firms can…
Category SMCR
Senior Manager Functions (SMFs): The Proposed Changes
The Senior Manager Regime covers the most senior decision-makers in financial services firms. The aim is individual accountability for holding key responsibilities, always subject to regulatory scrutiny. The consultations propose several important changes. What’s New for SMFs? Summary Expect…
SMCR: Scope, Enhanced Scope /Limited Scope Firms, and Reducing Burden
Beyond SMFs and Certification, the consultations explore ways to make the overall SMCR less burdensome. Key Proposals Other Notable Changes Summary for Firms Larger firms may see a lighter touch for some aspects, while smaller firms may finally enjoy rules…
SMCR – Certification and Certified Persons, Significant Harm Functions
The Certification Regime currently requires firms to certify many mid- and upper-level staff – not just SMFs – as ‘fit and proper’ every year. This includes people in significant harm functions (roles that may pose risk to customers or the…
Breaking Down the SMCR Shake-Up: What The Consultations Really Mean
HM Treasury (HMT), the FCA, and the PRA have published long awaited consultations proposing reforms to the Senior Managers & Certification Regime (SM&CR). These consultations are interconnected and form a package of proposed changes to overhaul how accountability, governance, and…
Tackling Non-Financial Misconduct: What Firms Must Have in Place by September 2026
The FCA’s consultation paper CP25/18 marks a significant shift in regulatory expectations around non-financial misconduct (NFM). From 1 September 2026, firms across the financial services sector, including solo-regulated entities, will need to embed stronger processes and cultural frameworks to address…
5 New Initiatives from the FCA in 2025
The FCA’s 2025/26 Annual Work Programme introduces several completely new initiatives this year: 1. Remove administrative burdens A new platform, My FCA was launched on 31 March 2025, aiming to simplify interactions with the FCA and provide a better user…
FCA’s Groundbreaking Survey Reveals Critical Insights on Non-Financial Misconduct in UK Financial Firms
In a compelling initiative aimed at transforming workplace culture within the financial services sector, the Financial Conduct Authority (FCA) has released a significant survey that sheds light on patterns of non-financial misconduct across UK financial firms. Covering over 1,000 investment…
Firms Urged to Reassess Three Lines of Defence Model
Navigating Regulatory Changes: Rethinking Senior Management Function Allocations and Strengthening the First Line of Defence Model In a rapidly evolving regulatory landscape, financial firms are facing increasing pressure to evaluate their Senior Management Function (SMF) allocations, with a particular focus…
SMCR Top Tips
We’re seeing lots of requests recently for SMCR training and support and I thought it might be useful to put together some top tips/things to think about for those responsible for this part of the business. There are links for more…