Compliance Monitor
Complying with SMCR during coronavirus
Acknowledging the unusual pressures that financialinstitutions have faced this year, the regulators have sought to uphold the objectives of the Senior Managers and CertificationRegime while also providing guidance and some flexibility. Charlotte Hill and Daniel Hirschfield report onfirms’ governance arrangements amid the Covid-19 crisis.
Charlotte Hillis a partner and head of the financial services regulatory group at Taylor Wessing in London.Daniel Hirschfieldis a senior professional support lawyer for the team. Contact them onc.hill@taylorwessing.comandd.hirschfield@taylorwessing.com.
Perhaps only Nostradamus could have predicted that within months of the application of the SMCR to the majority of solo-regulated
firms in December 2019, firms and their senior managers would have to wrestle with their greatest ever challenge: a global
pandemic and the financial crisis that has ensued.