The U.K. Financial Conduct Authority (FCA) will roll out two new frameworks “Senior Managers Regime” (SMR) and “Certification Regime” which provides more guidance around its plans to promote greater transparency in the banking sector.
Under the SMR, the financial agency is encouraging top-level managers to provide a clear distribution of their responsibilities to key decision- makers, which will boost individual accountability through ongoing assessments by the firm and regulators, says FCA.
