FCA and Treasury consult on senior managers regime reform

Aims to ‘reduce burden’ on firms

The Financial Conduct Authority (FCA) has outlined plans to reform the Senior Managers and Certification Regime (SMCR) as it looks to boost financial services growth.

In proposals shared today (15 July), the regulator outlined the first phase of reforms designed to "reduce the burden on firms". The SMCR is currently made up of three parts: the senior mangers regime, the certification regime, and the conduct rules. In what was described as "phase two" of the work, the FCA further committed to work "closely" with HM Treasury on what should replace the certification regime and the number of senior managers subject to approval. The consultation and reform proposals come after Chancellor Rachel Reeves committed in her November 2024 Mansion House spee...