Government and regulators kick start SM&CR review

The Government and UK regulators kicked off their review of the Senior Managers & Certification Regime (SM&CR) on 30 March 2023. HM Treasury issued a Call for Evidence on the legislative aspects of the regime, and the FCA and PRA published a joint Discussion Paper (DP1/23), seeking industry views on the effectiveness, scope and proportionality of the regime, and how it might be improved.

The Government first announced it would be carrying out a review of the SM&CR in December 2022, as part of the Edinburgh Reforms.

Download this At a glance to read a detailed analysis of the two papers.