What have we learned from the Senior Managers and Certification Regime?

While the SMCR undoubtedly spurs individuals in the financial services industry to take their particular responsibilities very seriously, there are challenging unintended consequences for the reputation of employees, the talent pool and the decision-making process. Adrian Crawford and Francesca Lopez discuss what they are seeing in the marketplace.

Adrian Crawford is a partner and Francesca Lopez an associate in the employment law team at Kingsley Napley. Contact them on acrawford@kingsleynapley.co.uk and flopez@kingsleynapley.co.uk.

With the SMCR due to be extended to all regulated financial services firms on 9 December 2019, we reflect on three key learning points from the regime, which has already been in place for banks, building societies, credit unions and Prudential Regulation Authority-designated investment firms since March 2016.