FCA unveils guidance ahead of SMCR extension
Personal culpability of senior managers to increase from December 2019
SMCR will be extended to all FCA-regulated firms from December 2019
The Financial Conduct Authority (FCA) has issued guidance ahead of the extension of the Senior Managers and Certification Regime (SMCR) in December 2019, when personal accountability of senior staff will come under increased scrutiny from the regulator.
In July the FCA confirmed its "near-final" rules for the incoming regulation, which aims to "reduce harm to consumers" by making senior people in firms more responsible and accountable for their actions....
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