The Senior Managers & Certification Regime came into effect Monday 7 March
Experts have questioned the impact of the
UK’s Financial Conduct Authority (FCA) and the
Prudential Regulation Authority (PRA) senior manager rules as
they took effect on Monday and called for clarity on when their
scope will be widened to cover the next wave of firms.
The UK Senior Managers and Certification
Regime (SMR) came into force on Monday March 7, with the remit
of increasing individual accountability in the banking sector
after the authorities finalised the rules in
July last year.
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