Benchmark administrators approach SMCR deadline

Any overhaul of a regulatory framework placesstress on a company and tackling this during a pandemic lockdown intensifiesthe challenges exponentially. Covid-19 is piling pressure on benchmarkadministrators scrambling to hit the SMCR deadline, says Maurice McDonald.

Maurice McDonald (www.bovill.com/person/maurice-mcdonald) is head of Conduct andControls at Bovill, the financial services regulatory consultancy.

At Bovill, we believe one of the unwittingfallouts from the Covid-19 global pandemic is that many benchmarkadministrators will likely struggle to implement the required cultural andpolicy changes ahead of the Senior Managers and Certification Regime deadline.The clock is ticking and an extension from the regulator will not be coming.