The Financial Conduct Authority (FCA) has used its powers to block the appointment of senior staff due to "non-financial personal misconduct" issues, as the regulator ramps up its safeguarding against sexual misconduct ahead of the extension of the Senior Managers & Certification Regime (SMCR).
SMCR, which aims to "reduce harm to consumers" by making senior people in firms more responsible and accountable for their actions, is being extended to all financial services firms in December 2019, having initially only been rolled out to banks. FCA unveils guidance ahead of SMCRextension In a March speech, executive director of supervision for wholesale and specialist investment at the FCA Megan Butler identified SMCR as giving the FCA the scope to take action on diversity. In a 28 September letter to Maria Miller MP, chair of the Women and Equalities Committee, published on Tu...
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