Firms urged to feed concerns into SMCR reviews

Reviews of the SMCR by the Treasury, FCA and PRA are expected to explore three areas in particular - the compliance requirements for authorising the appointment of new senior managers, the varying levels of scrutiny applied to different firms, and the interaction with other regulatory regimes.

By Neasa MacErlean

Launching its call for evidence, HM Treasury draws attention to these three areas which, it says, have been the subject of "some concerns" by firms. Respondents need to file responses to the reviews by 1 June. The Treasury is handling the legislative aspects (particularly the regime's effectiveness, scope and proportionality) while the Financial Conduct Authority and Prudential Regulation Authority are considering operational elements and rules through a joint discussion paper. Responses will be shared between all three organisations (unless individual respondents ask for this not to happen).