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Senior managers, certification, conduct rules, appointed representatives and board oversight: how to evidence accountability.
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The SM&CR aims to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence. The regime is undergoing reform as part of the government's broader financial services agenda, and the main SM&CR page was last updated on 24/04/2026.
The SM&CR initially applied to banks, building societies, credit unions and PRA-designated investment firms. It was later extended to insurers and to all solo-regulated firms, with benchmark administrators included in December 2020. The regime has three parts: the Senior Managers Regime, the Certification Regime and the Conduct Rules. Firms are required to ensure that SMFs and Certification Staff are fit and proper on an ongoing basis.
Sources: Senior Managers and Certification Regime · Senior Managers Regime · The Certification Regime · Conduct Rules · SM&CR categorisation for solo-regulated firms
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A comparison of compliance resourcing models through accountability, capability, information access, provider oversight, continuity and exit planning.
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