The latest episode of our mini-series on regulatory enforcement weighs up the pros and cons of the Senior Managers and Certification Regime – and pinpoints how to improve it. In this podcast mini-series, we highlight new approaches from UK financial regulators and discuss what they might do differently to ensure that they act both fairly and effectively. For this episode, we delve into the Senior Managers and Certification Regime (SMCR). Together, Ashurst colleagues Nathan Willmott, Lorraine Johnston and Adam Jamieson acknowledge the positive cultural impact that the regime has had within firms, including clearer accountability and more engagement from the top down. The trio also unpicks some of the more challenging aspects of the regime, including the spread of requirements in both PRA and FCA Handbooks, the ‘one strike and you’re out’ approach which emanates from regulatory references, and the difficulty of measuring whether or not conduct has actually improved. They also identify improvements to the SMCR that could clear up confusion, reduce unnecessary red tape, and make the regime more equitable. To listen to this episode – and previous episodes in this regulatory enforcement mini-series – search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or wherever you get your podcasts. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.See omnystudio.com/listener for privacy information.

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related