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The Senior Managers and Certification Regime (SMCR) comes into effect on March 2016. For the moment, the new regime it does only affect banks and PRA authorised investment firms, and it will do three things:

  1. Make it much clearer what people are responsible for
  2. People who carry out a significant harm function within the bank they will have to have their fitness and proprietary certified annually
  3. For the first time, almost everyone working in banks will be within the scope of regulation

In this short video, Polly James dissects where this new regime has come from, what it is for, and where we see the practical implementation challenges arising for affected firms.