SYSC 26

Direct low angle view of historical City of London coat of arms crest mounted on decorative blue cast iron bridge light post in daylight.

SM&CR phase 2: Most significant reform consultation since regime began

Includes removal of the Certification Regime and Directory, moving SMFs from pre-approval, and reducing firms in the Enhanced regime.

Billy Bradley, CMS; Hannah Manning, CMS

Nov 5, 2026

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