SMCR sparks just one enforcement action in nearly five years

FOI reveals

Mike Sheen
clock
SMCR has seen 34 investigations but only one fine since its inception
Image:

SMCR has seen 34 investigations but only one fine since its inception

The Senior Managers & Certification Regime (SMCR) has led to 34 investigations by the Financial Conduct Authority (FCA) and just one successful enforcement action since it came into force in 2016, suggesting the landmark regulation “might not have the right tools for the job”, new research suggests.

With many of the requirements applicable to dual-regulated asset and wealth management sector firms as of December 2019, SMCR introduces new administrative, regulatory and conduct rules that banks and...

To continue reading this article...

Join Investment week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space

  • Get ahead of regulatory and technological changes affecting fund management

  • Important and breaking news stories selected by the editors delivered straight to your inbox each day

  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts

  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

The Financial Conduct Authority's headquarters

FCA says Investment Firm Prudential Regime will require individual disclosure

Comes into effect 1 January 2022

clock 26 November 2021 • 1 min read
FCA streamlines decision-making process

FCA streamlines decision-making process

'Concern of procedural fairness'

clock 26 November 2021 • 2 min read
The FCA also purchased 307 Samsung phones and 39 iPhones

FCA pours £5m into laptops in bid to ramp up hybrid working

Move follows watchdog's warning on remote working

Pedro Gonçalves
clock 26 November 2021 • 3 min read