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ARTICLE · 23 JULY 2025

Senior Managers And Certification Regime Reforms

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The FCA, PRA and HM Treasury have each issued consultations setting out reforms to the Senior Managers and Certification Regime (SMCR).

United KingdomFinance and Banking
Alexandra Green
Alexandra Green
Michael Sholem
Michael Sholem
Hayley Robinson
Hayley Robinson
Rachel Serene
Rachel Serene

The FCA, PRA and HM Treasury have each issued consultations setting out reforms to the Senior Managers and Certification Regime (SMCR).

The package of measures are the latest regulatory proposals intended to reduce the regulatory burden on firms and support the financial services growth strategy, as discussed in our Policy in practice: Labour and financial services - one year on podcast.

The reform of the regime is unsurprising, given that the Chancellor committed in last year's Mansion House speech to consulting on the removal of the certification regime.

The intention is to improve regulatory efficiency and reduce the ongoing costs that SMCR imposes on firms and the FCA without compromising the aims of the regime.

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