Chancellor proposes SMCR review

Chancellor Jeremy Hunt has proposed a review of the Senior Managers & Certification Regime (SMCR) as part of the Financial Services Edinburgh Reforms. Jill Lorimer, head Kingsley Napley’s financial services group, said the review would be welcomed. "The regime makes senior positions unappealing to the very types of individuals that shareholders and indeed the FCA would ideally wish to see in leadership roles in banks. Sometimes talented but risk-averse individuals decline senior manager roles for fear of being caught up in months or even years of regulatory wrangling in case something goes wrong on their watch”.