Following the publication of the joint FCA/PRA consultation papers[1] in July and December 2014 on Strengthening Accountability in Banking, the Treasury has today announced that the commencement date for the new Senior Managers and Certification Regime (SM&CR) will be 7 March 2016 and that transitional documentation will need to be submitted to the regulators by 8 February 2016.
The FCA plans to publish a roadmap to commencement later this month which will include our timetable for publishing our final rules. The introduction of the new regime aims to strengthen the accountability of bank senior management and to raise standards of individual conduct in the banking sector.