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SimplyBiz Group plc

Mark Greenwood: Is SM&CR the dawn of a new era?

Mark Greenwood continues SimplyBiz Group’s series of plain English guidance for firms in the run-up to the SM&CR’s implementation in December, looking at the reason for the new regime and exploring its objectives

By now, you will no doubt be aware of the forthcoming Senior Managers & Certification Regime (SM&CR) but why is it being implemented, what exactly is the SM&CR and what will the implications be for your firm?

The origins of the regime came after the financial crisis, when recommendations were made by Parliament that the Financial Conduct Authority (FCA) develop a new accountability system that was more focused on senior managers and individual responsibility, and so the SM&CR was created.

SimplyBiz Group PLC (LON:SBIZ) provides compliance support and business consultancy services to financial services, legal and workplace benefits professionals in the United Kingdom. It offers regulation, vision, business efficiency, personal development, and encouraging growth services.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.