Global perspective – SMCR compared with equivalent regimes

While all financial services marketplacesrecognise the imperative of keeping senior managers accountable, regulators aretaking lessons from each other and tailoring their respective rules to theirown environment. Simon Collinscompares and contrasts the more prescriptive approach of the UK’s SMCR with someother leading jurisdictions.

Simon Collins is managing director Financial Services Advisoryat Konexo (www.konexoglobal.com). Konexo – developed byEversheds Sutherland–delivers global alternative legal andcompliance services. It operates globallythrough differententitiesand is present in the UK, US and Asia. Contact Simon onsimoncollins@konexoglobal.com.

Since the Senior Managers Certification Regime(SMCR) came into force in the United Kingdom in 2016, leaders have embraced it.The result has been positive feedback and progress, which has benefittedcompanies, consumers and employees. However, regulators will always seek waysto improve how they operate and often look to successes in other jurisdictionsto make those advancements.