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 66 days ago
 Source: finsmes.com

SMCR and The Changing Face of UK Financial Regulations

Quick Summary

The Financial Conduct Authority (FCA) have, in the last decade been overhauling the UK financial sector’s regulatory framework and governance, with the introduction of the Senior Managers and Compliance Regime, or “SMCR” (read more). Changing the Compliance CultureIn previous years, the way in which financial compliance operated was such that there would be a compliance manager or an individual within a financial firm who was responsible for all compliance-related matters and breaches. This meant that they had all but sole responsibility placed upon their shoulders to manage the entire scope of the firm’s compliance obligations. Limited Scope Firms – A small number of financial firms in the UK will be subject to more limited rules as limited scope firms. This is something the FCA and financial firms in the UK who are aware are looking to fix.

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