FCA publishes SM&CR banking stocktake results

Regulatory Updates | 05/08/19

The Financial Conduct Authority (FCA) has published the results of its review into the embedding of the Senior Managers and Certification Regime in the banking sector. The FCA aimed to understand, through the review, how SM&CR has been embedded into the banking sector over the three years since its introduction, though notes that this does not constitute a full post-implementation review, and that no policy changes will be made based on it. In the report, the FCA found that, in general, the industry has made a concerted effort to implement the regime, though notes the concerns of some non-executive directors that the regime expected too much of Boards.