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ARTICLE · 17 AUGUST 2017

Latest Statistics Show Impact Of SMCR

Brahams Dutt Badrick French LLP
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The SMCR has applied to banks and PRA-designated investment firms since March 2016.

United KingdomFinance and Banking
Nick Wilcox
Nick Wilcox
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Following the FCA's recent publication of its proposals to extend the Senior Managers & Certification Regime (SMCR) to all financial services firms from 2018 ( read more here), a report issued by consultants Duff & Phelps has highlighted a rapid increase in the proportion of its fines that are against individuals.

The SMCR has applied to banks and PRA-designated investment firms since March 2016. Statistics compiled for the report demonstrate that in 2016 almost two thirds of the enforcement notices issued by the FCA were against regulated individuals rather than firms. This is up from just 37% in 2014.

This increase can be attributed to the effects of the implementation of the SMCR, which has as its core aim an increased focus on the conduct of individuals and holding them to account. With the pending extension of the SMCR to all financial services firms regulated by the FCA, these trends in respect of individuals are very likely to continue in the coming years.

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