DWF logo

Search

DWF logo

            DWF comments on the Financial Conduct Authority SM&CR Regulations

            Andrew Jacobs, Head of Regulatory Consulting at DWF, comments on the FCA's SM&CR regulations following financial sector's "historical failures".

            Date: 10/12/2019

            "Today is a day of note, not only due to the extension of the Senior Managers and Certification Regime (SM&CR), but also because the widespread extension of the regime to virtually all regulated UK Firms is a significant step forward in terms of the global convergence of individual accountability across financial services and insurance, hopefully helping to sure-up international financial markets on a macro level. 

            "Historical failures in the financial sector clearly led us to this point and to the launch of the SM&CR in the UK. However, recent failures, show there is still more to be done to achieve the FCA's strategic goal of consumer protection and the enhanced integrity of the U.K. financial system and so the launch of the SM&CR extension feels more like milestone in a longer journey, rather than the end destination when it comes to good conduct expectations.  

            "It is the first time since its inception that the UK Conduct regulator, the FCA, has a full suite of detailed rules and guidance to assess and monitor the conduct of Senior Managers, Individual and Firms.

            "This is worthy of note given the number of regulatory investigation in progress, so this heralds a new dawn in how the regulator can approach its supervisory activities and this enhancement in its tools could lead to the FCA placing many more senior executives in the spot light. 

            "For those firms that genuinely operate with good consumer outcomes at the centre of their business, this simply represents an evolution in regulatory expectations. However, for those firms who place financial gains above good culture and conduct, today marks a significant heightening in the regulator's ability to hold individuals and firms to account."

            Related people

            Andrew Jacobs

            • Partner and Head of Regulatory Consulting

            We use cookies to give you the best user experience on our website. Please let us know if you accept our use of cookies.

            Learn More

            Your Privacy

            When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. We mainly use this information to ensure the site works as you expect it to, and to learn how we can improve the experience in the future. The information does not usually directly identify you, but it can give you a more personalised web experience.
            Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change permissions. However, blocking some types of cookies may prevent certain site functionality from working as expected

            Functional cookies

            (Required)

            These cookies let you use the website and are required for the website to function as expected.

            These cookies are required

            Tracking cookies

            Anonymous cookies that help us understand the performance of our website and how we can improve the website experience for our users. Some of these may be set by third parties we trust, such as Google Analytics.

            They may also be used to personalise your experience on our website by remembering your preferences and settings.

            Marketing cookies

            These cookies are used to improve and personalise your experience with our brands. We may use these cookies to show adverts for our products, or measure the performance of our adverts.