31 May 2016
On 4 May 2016, the Bank of England and Financial Services Act received Royal Assent. The Act will extend the Senior Managers and Certification Regime (SMCR) - which already applies to banks and insurers - to all financial services firms. Around 60,000 additional firms will be brought into scope of the regime when it comes into force (expected to be early 2018).
Detailed regulations from the PRA/FCA are expected later this year, but experience drawn from the banking sector suggests that the changes required by the regime are extensive and will take a substantial amount of time to implement, and that early engagement by firms with affected individuals is vital.