
EQUINITI: REASONABLE STEPS – THE SENIOR MANAGEMENT & CERTIFICATION REGIME, WHAT IS IT AND WHY DO WE NEED IT?
Following the banking crisis in 2008, the Parliamentary Commission for Banking Standards (PCBS) recommended the creation of a new framework focused on increasing senior management accountability. Based on this recommendation, Parliament passed legislation in December 2013 that prompted the primary regulators of the financial services sector, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), to implement a Senior Management and Certification Regime (SM&CR).
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