In the first phase of reforms, the Financial Conduct Authority (FCA) and Bank of England propose to streamline the Senior Managers and Certification Regime (SM&CR).
The consultations have been informed by the regulators’ 2023 Discussion Paper. This showed widespread support for the regime, but that some of the processes can be burdensome for firms.
The proposed changes aim to make the regime more effective and efficient to drive growth in financial services, while maintaining the regime’s high standards. The consultation will close on 7 October 2025.
In the second phase, the FCA will be working closely with HM Treasury as it consults on further reforms to the regime.
If members would like to feed into BVRLA’s response to the consultation, email [email protected].
CP25/21: Senior Managers and Certification Regime review | FCA
CP18/25 – Review of the Senior Managers and Certification Regime (SM&CR) | Bank of England
