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ARTICLE · 22 FEBRUARY 2016

Senior Managers And Certification Regime

Withers LLP
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On 7 March 2016, the first wave of the Senior Managers and Certification Regime will become effective.

United KingdomEmployment and HR
Elaine Aarons
Elaine Aarons
Harvey Knight
Harvey Knight
Meriel Schindler
Meriel Schindler
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Greater personal accountability at the top

On 7 March 2016, the first wave of the Senior Managers and Certification Regime will become effective. The senior management of all UK regulated banks, building societies and any regulated business that forms part of a banking conglomerate will be required to perform Senior Management Functions ('SMFs') and to have prescribed responsibilities allocated to each of them. By 8 February 2016 individual Statements of Responsibility for the first Senior Managers will have been submitted to the FCA and PRA, setting out the specific responsibilities of the role(s) of those Senior Managers and how they are built into the overarching Corporate Map of Responsibilities.

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