The Financial Conduct Authority’s extension of its Senior Managers Regime to almost all regulated companies in the UK will help weed out “reckless and criminal firms”, financial adviser support firm SimplyBiz Group said.
Advice firms and asset managers will be brought under the FCA’s Senior Managers and Certification Regime (SMCR) from 2018, the watchdog has announced.
Senior managers at financial firms must take greater accountability for corporate wrongdoing, according to a circular released by the Hong Kong Securities and Futures Commission (SFC).
The UK’s new senior managers regime, designed to hold bankers and insurance managers accountable for misconduct in areas under their responsibility, has come into force and will apply equally to officers of the Financial conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
