The Senior Managers & Certification Regime (SMCR), which was rolled out to UK banks in 2016, is said to have already had an impact on company culture. Doubts have now been raised as to how effective and smooth the regime’s extension to buyside firms, scheduled for the end of this year, will be.
Managing Director, Ian Rennie, met with Alice Tchernookova from Practice Insight recently to discuss to recent extension of SMCR for core or enhanced firms. Ian raised that SMCR is not a “new phenomenon, as most asset managers had similar responsibilities under the Approved Persons Regime (APR)”. He continued, “We see the introduction of SMCR as having a positive effect, as those responsible are taking an ever-greater interest in reporting obligations and data quality.”
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