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FINANCIAL SECTOR: Getting ready for the Senior Managers Regime

04 December 2015  

Joanna Chatterton and Peter Wright outline new requirements making senior managers in banking and insurance firms more accountable for their decisions

Financial institutions and insurance firms are bracing themselves for 7 March 2016 when two new regulatory regimes will go live. The Senior Managers Regime (SMR) and Senior Insurance Managers Regime (SIMR) are designed to support a change in the culture of banking at all levels and to clarify and strengthen accountability in insurance businesses. Introduced jointly by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), both regimes aim to hold those in the most senior positions in affected firms personally accountable for the business areas they oversee.

Last modified on 04 December 2015