The Senior Managers and Certification Regime (SMCR) is a financial services regulation designed to impose personal accountability on senior managers at financial services firms and improve the conduct of all employees at these firms.

Rule Overview

Jurisdiction: United Kingdom

Regulator: FCA

Topic: Accountability

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The regime consists of three parts:

  • Senior Managers Regime;
  • Certification Regime; and
  • Conduct Rules.

The SMCR aims to reduce harm to consumers and strengthen market integrity by creating a system that enables firms and regulators to hold people to account. As part of this, the SMCR aims to:

  • encourage staff to take personal responsibility for their actions;
  • improve conduct at all levels; and
  • make sure firms and staff clearly understand and can show who does what.
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