FIA EPTA response to HM Treasury Call for Evidence on the Review of the Senior Managers and Certification Regime (SM&CR)

FIA EPTA members believe the SM&CR regime is working as intended and has brought renewed focus on individual accountability in financial services. However, our members wish to highlight some of the operational and administrative burdens that SM&CR brings to firms. Our members believe that this burden can be alleviated without having a material impact on the purpose behind the regime, and in a way which supports the Government’s wider competitiveness agenda. 

Specifically, our members’ views fall into four areas:

1. Effectiveness of the Senior Managers Regime
2. Effectiveness of the Certification Regime
3. Effectiveness of the Conduct Rules
4. Regime intended objectives and unintended consequences