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ARTICLE · 19 APRIL 2023

Review Of SMCR Launched

Herbert Smith Freehills Kramer LLP
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On 30 March 2023, the Treasury published a Call for Evidence alongside a joint PRA/FCA Discussion Paper, launching the first comprehensive review of the Senior Managers...

United KingdomFinance and Banking
Alison Matthews
Alison Matthews
Grant Murtagh
Grant Murtagh
Hywel Jenkins
Hywel Jenkins
Jack Moore
Jack Moore

On 30 March 2023, the Treasury published a Call for Evidence alongside a joint PRA/FCA Discussion Paper, launching the first comprehensive review of the Senior Managers and Certification Regime ("SMCR") since its introduction.

There has been some speculation since the SMCR review was announced by the Chancellor of the Exchequer, Jeremy Hunt, as part of the Edinburgh reform package (see our blog post here) that this may be the first step towards abolishing the SMCR. The Discussion Paper and Call for Evidence provide a clear steer that the regime is here to stay.

The two papers consist largely of a description of the existing rules and questions around various areas. They are a long way from setting out what the reformed regime may look like. However, areas selected for questions give some indication of where the regulators' focus lies.

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