The FCA has announced that there has been a 75% increase in the
number of enforcement cases over the last year. At the same time,
in an effort to disarm concerns about the enforcement of the new
Senior Mangers Regime, the FCA has said that it wants to move away
from a fear based culture of regulation. How can these apparently
conflicting positions be reconciled?
The Senior Managers Regime – where are we?
The
introduction of the Senior Managers and Certification Regime
(SMCR) has given rise to concerns that Senior Managers will be
subject to greater liability and enforcement risk.
The SMCR been in place for banks and some other regulated firms
since March 2016. The FCA recently published its Consultation
(CP17/25) on the roll-out of the SMCR for the broader FCA
community. FCA regulated firms will become subject to the SMCR from
towards the end of 2018. Implementation is likely to be phased
according to different categories of firm.
