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Conduct takes center stage with SMCR and non-financial-misconduct proposals

City workers walk across London Bridge past lit up offices in the evening on October 30, 2025 in London, United Kingdom.
Photo: John Keeble/Getty Images

Tom de Ville | Ocorian, Eddy Burchett | Ocorian

3 min read
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The FCA, Treasury, and PRA are tabling proposed changes to the SMCR, alongside raising standards around non-financial misconduct.

At her recent Mansion House speech, Rachel Reeves announced her intention to streamline the Senior Managers and Certification Regime (SMCR), to reduce the burden it imposes on firms by 50%. The FCA’s wording echoes this rhetoric, noting it is consulting on measures “to improve the efficiency and effectiveness of the Senior

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