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ARTICLE · 28 APRIL 2026

Reform Of The SMCR: The First Changes Take Effect

Travers Smith LLP
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The Financial Conduct Authority has announced the first phase of changes to the UK Senior Managers and Certification Regime, with implementation beginning in April 2026. While these initial modifications are relatively minor adjustments aimed at reducing regulatory burden, they include some tightened requirements around regulatory references and notification obligations that firms and senior managers need to understand and prepare for.

United KingdomFinance and Banking
Tim Lewis
Tim Lewis
Tim Gilbert
Tim Gilbert
Phil Bartram
Phil Bartram
Ed Mills
Ed Mills
Michael Raymond
Michael Raymond
Natalie Lewis
Natalie Lewis
Danny Riding
Danny Riding
Samuel Brewer
Samuel Brewer
Henriika Hara
Henriika Hara
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What has the FCA announced regarding the SMCR?

The FCA has confirmed it will proceed with some limited changes to the UK Senior Managers and Certification Regime (SMCR), as set out in PS26/6: Senior Managers & Certification Regime review. These represent the first phase of a planned overhaul of the regime.

The proposals were first discussed in July 2025 and, for the most part, are being implemented as originally consulted on. See our briefing for further information on this: Management review: proposed overhaul of the SMCR | Travers Smith

How significant are these changes?

The changes are relatively minor tweaks to the existing rules, largely intended to reduce the regulatory burden on firms in the short term. While they are mainly expected to be helpful for firms, they do not represent any significant relaxation of the requirements.

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