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ARTICLE · 24 APRIL 2026

Streamlining SMCR: Immediate Changes And The Road Ahead

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The FCA and PRA have finalised phase one reforms to the Senior Manager and Certification Regime (SMCR), implementing immediate changes to streamline administrative requirements including modifications to the 12-week rule and reporting obligations.

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

The FCA and PRA this week finalised their rules for phase one of their planned reforms to the Senior Manager and Certification Regime (SMCR) with the first wave of changes implemented with immediate effect.

HM Treasury has also published a consultation setting out its proposals for phase two of SMCR reforms including the removal of the certification regime.

Although FCA, PRA and HM Treasury consulted on the changes last summer (see our previous article: Senior Managers and Certification Regime reforms), reform of the SMCR has long been on the regulatory agenda and the proposed changes bolster the government and FCA/PRA’s shared goals for improved regulatory efficiency and proportionality.

Whilst the phase one reforms do not significantly alter the SMCR, changes particularly in relation to the 12 week rule and to some of the reporting requirements should lighten the administrative burden currently applying to firms.

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