Senior Managers and Certification Regime
From ACT Wiki
UK financial markets regulation.
(SM&CR).
The SM&CR regulates individuals working in financial services.
The aim of the SM&CR is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence by:
- Encouraging a culture of staff at all levels taking personal responsibility for their actions; and
- Making sure firms and staff clearly understand and can demonstrate where responsibility lies.
The SM&CR applies to firms regulated by the Financial Conduct Authority (FCA) and firms regulated both by the FCA and the Prudential Regulation Authority (PRA).
