Whilst the Senior Manager and Certification Regime (SMCR) has applied to larger firms since March 2016, from December 2019, approximately another 47,000 firms – including many asset managers, wealth managers, stock brokers and financial advisors – will be subjected to the regulator's accountability rules.
The rules require a small number of senior managers to have personal accountability for failings around their prescribed responsibilities. Failure to meet the standards expected may result in fines and sanctions, including being barred from the industry.