Banking Standards Board Publish SMCR Good Practice Statement

The introduction of the Senior Managers and Certification Regime ("SMCR") a year ago has seen an increased focus on accountability and standards of fitness and propriety. For those firms within the new regime, this has meant reviewing how they assess individuals as fit and proper, both when hiring senior managers and certification staff and when running their first annual certification process.

To assist firms looking for specific guidance as to how best to do this we set out links below to documents published by the Banking Standards Board ("BSB").

Although these publications are aimed at banks and building societies, they will also be of use to other regulated firms, particularly in view of the proposed extension of the regime next year to all FSMA regulated firms.