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ARTICLE · 11 MARCH 2015

Senior Managers, Certification And Accountability – Where Are We Now?

Taylor Wessing
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On 3 March 2015, the Economic Secretary to the Treasury, Andrea Leadsom announced that the proposed rules to regulate conduct in the banking sector will come into force on 7 March 2016.

United KingdomFinance and Banking
Alix Prentice
Alix Prentice
Stephen Flaherty
Stephen Flaherty
Anna McCaffrey
Anna McCaffrey
Caroline Bystrom
Caroline Bystrom

On 3 March 2015, the Economic Secretary to the Treasury, Andrea Leadsom announced that the proposed rules to regulate conduct in the banking sector will come into force on 7 March 2016. The Senior Managers and Certification Regime (SM&CR) will apply to UK branches of foreign (non-EEA) banks as well as UK headquartered banks, building societies, credit unions and PRA-regulated investment firms.

The new criminal offence relating to decisions causing a financial institution to fail could apply to decisions taken by senior managers in UK banks, building societies and PRA-regulated investment firms—but not credit unions or any foreign institution—on or after 7 March 2016.

The new regime aims to strengthen the accountability of bank senior management and to raise standards of individual conduct in the banking sector. The new regime aims to strengthen the accountability of bank senior management and to raise standards of individual conduct in the banking sector. The

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