The FCA last week published proposals to extend the SM&CR to almost all regulated firms – FCA Consultation Paper (CP17/25) – Senior Managers and Certification Regime (“SM&CR”) Why Jonathan Davidson, Executive Director of Supervision- Retail & Authorisations at the FCA, said: “Culture and governance in financial services and its impact on consumer outcomes is a […]

Senior Managers and Certification Regime – extension to all FS sectors and controversial ‘reverse burden of proof’ withdrawn Quote (1) – “The Treasury’s decision to abandon the reversed burden of proof for bank senior managers is the most astonishing regulatory U-turn in decades. It’s not just a change of mind, but represents the formal abandonment […]