The UK Senior Managers Regime: 1 Year Later

Law360, New York (March 3, 2017, 12:29 PM EST) -- On March 7, 2017, it will be one year since the U.K. Financial Conduct Authority's senior managers and certification regime came into force, heralding a new era of personal accountability in the financial sector.

A central feature of the SMCR — which currently applies to banks and insurers but is due to be extended to all financial services firms next year — is a new statutory "duty of responsibility." In force since May 2016, the new duty makes those holding a "senior management function" liable to...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.