Firms Struggle with SM&CR Compliance and Preparations

As all FCA-regulated firms will fall into scope of the Senior Managers and Certification Regime by the end of the year, concerns emerge on how to implement the regulation.


Many financial institutions, including UK-based asset managers and market structure firms—known in regulatory speak as solo-regulated firms—mandated to comply with the Senior Managers and Certification Regime (SM&CR) by December 9 have yet to fully implement or understand the rule, say industry experts.

As part of the regulators’ SM&CR, the chief operations senior management function 24 (SMF24) states that individuals in top-level roles—such as COOs and CTOs—will be held personally responsible

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