Regulatory references; senior managers and certification regime; Conduct Rules

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On 7 March 2016 the Senior Managers and Certification Regime (SM&CR) was introduced to improve accountability in the financial services sector.   The SM&CR applies to UK banks, building societies, credit unions, PRA designated investment firms and branches of foreign banks operating in the UK.  It consists of three elements: the Senior Managers Regime (SMR), the…

On 7 March 2017, one year after the implementation of the Senior Managers and Certification Regime (SM&CR) which was introduced to improve accountability in the financial services sector, two further requirements have come into effect: The regulatory reference requirements; and the rolling out of the Conduct Rules to a wider range of employees.

Regulatory references…