U.K. Senior Managers and Certification Regime Now Covers All FCA‑Regulated Firms

The U.K. Senior Managers and Certification Regime (SMCR) was introduced for the banking sector about five years ago and then applied to insurance companies. It recently became applicable to all private fund managers and other financial services firms regulated by the U.K. Financial Conduct Authority. Thus, all 48,000 regulated U.K. financial services firms are now subject to the regime. A recent program presented by ComplySci provided an overview of the SMCR and examined regulators’ expectations for firms subject to the SMCR in light of the ongoing coronavirus pandemic, common challenges and pain points associated with the SMCR, as well as enforcement of the regime. Jordan Robb, senior product manager at ComplySci, moderated the discussion, which featured Iain Colquhoun, CCO and chief financial officer at Sona Asset Management, and Daniel Ridler, managing director at BCS Consulting. This article distills their insights. See “Advisers Must Prepare for the Upcoming Expansion of the E.U. and U.K. Prudential Regimes” (Nov. 12, 2020).

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