The number of financial services roles required to face enhanced checks from regulators will fall significantly under proposals that will support growth. The changes are expected to save firms around £2 billion over a 10-year period. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have today announced parallel consultations on proposals to significantly streamline the Senior Managers and Certification regime (SM&CR). The SM&CR was introduced 10 years ago to instil a culture of accountability among senior decision-makers in regulated firms.
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