The U.K.’s key financial regulators have pared down the compliance requirements that hold senior managers accountable as part of the government’s drive to reduce undue regulation by half and boost investment.
On April 22, the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) set out the changes to the Senior Managers & Certification Regime (SMCR) as part of the first phase of a multi-stage package of reform, with many of the amendments coming into effect just days later on April 24 (with the rest slated for July 10).
