The Senior Managers and Certification Regime (SMCR) was extended to include all financial service firms in May 2016. As part of the Bank of England and Financial Services Act, a further 60,000 firms will join banks and insurers in being subject to increased levels of supervision from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) in 2018.

The FCA estimates that some 17,000 investment firms will be affected, amounting to over 100,000 individuals subject to enhanced levels of personal accountability. Among those impacted will be asset and wealth management businesses.

Much can be garnered from the experiences of banks and insurers. Changes are likely to require extensive investment, from both a compliance and human perspective. Early engagement, particularly during the consultation period, will prove crucial….

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