SMCR: embrace the catalyst for change

Though the impact of the Senior Managers and Certification Regime is in its infancy, and the regulator has cited “persistent weaknesses”, there is evidence to suggest a concerted effort being made by financial institutions to address their much-publicised failings. Mark Turner discusses ongoing challenges, along with the opportunity presented by the regime to drive better outcomes.

Mark Turner is managing director in Duff & Phelps’ compliance and regulatory consulting practice in London. Contact him on mark.turner@duffandphelps.com.

A decade on from the financial crisis, the anger lingers. We have come some way since the banker bashing and angry headlines attacking ‘Looters in suits’ (to give just one of many colourful examples), [1] but resentment remains. A poll last month found bankers among the least trusted professions in the United Kingdom, considered trustworthy by just 13 per cent of the public. [2] Only politicians, advertising executives – and pollsters – scored worse.