UK: Government to review SMCR rules as part of Edinburgh Reforms

Our Financial Services Regulatory team have prepared a series of webcasts examining the sweeping reforms to the UK financial services sector recently announced by the Chancellor of the Exchequer, Jeremy Hunt – known as “the Edinburgh Reforms.”

The webcasts explain:

• what the key proposals are;

• who they might impact;

• next steps and timing;

• and the potential significance and impact.

The reforms include the Government’s plans to review the Senior Managers & Certification Regime (SMCR) in the first quarter of 2023 and partner Clive Cunningham discusses these changes. The Government Call for Evidence will look at the legislative framework of the regime and determine the consensus on the regime’s effectiveness, scope and proportionality.

The Regulators’ review will involve the FCA and PRA review of the regulatory framework taking into account the Government Call for Evidence. This review is potentially significant for all firms and individuals subject to the SMCR. Given the implementation of the SMCR was costly and burdensome for many firms, this is an important development for those in the financial services sector to watch and be aware of.

The webcasts can be viewed here.