In March 2016 the FCA and PRA introduced the Senior Managers and Certification Regime (SMR).

This was to address the issues of accountability within the Financial Sector.

Consequently, this regulation has resulted in unforeseen Business and IT challenges within the financial services industry.

Key Dates

7th March 2017

Deadline for firms to issue certificates for individuals falling within the Certification Regime (Banking Reform Act, Section 29)

7th March 2017

Date from which the conduct rules apply to staff who are not within the SMR or CR.


SMR and CR expected to be extended to all FMSA authorised firms.

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