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ARTICLE · 23 APRIL 2026

Streamlining Senior Manager Accountability: The FCA’s SM&CR Reforms

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On 22 April 2026, the Financial Conduct Authority (FCA) published its policy statement PS26/6, confirming a package of reforms to the Senior Managers and Certification Regime (SM&CR).

United KingdomFinance and Banking
Neil Robson
Neil Robson
Christopher Collins
Christopher Collins
Brigitte Weaver
Brigitte Weaver
Ciara Watson
Ciara Watson
Eleanor Bines
Eleanor Bines
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On 22 April 2026, the Financial Conduct Authority (FCA) published its policy statement PS26/6, confirming a package of reforms to the Senior Managers and Certification Regime (SM&CR). These changes form part of a broader, multi-phase effort by the FCA, Prudential Regulation Authority (PRA) and HM Treasury to reduce unnecessary regulatory burden while preserving the core principles of individual accountability that underpin the UK’s financial services framework. This article summarises the key amendments taking effect under Phase One of the changes and looks ahead to the more far-reaching reforms envisaged under Phase Two.

Phase One: Immediate Changes

The FCA has confirmed that it will implement the Phase One reforms largely as consulted on in CP25/21, with most changes taking effect on 24 April 2026. These immediate reforms include:

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