SMCR = Senior Managers and Certification Regime

The SMCR is a UK regulatory framework introduced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to enhance accountability and conduct standards in financial institutions.

Key Aspects of SMCR:

- Senior Managers Regime (SMR) - Clearly defines responsibilities for senior managers.
- Certification Regime (CR) - Ensures key employees are fit and proper for their roles.
- Conduct Rules - Sets ethical and professional standards for all staff.
- Increases Individual Accountability - Senior managers can be personally liable for misconduct.
- Applies to all FCA-regulated firms.