We often get asked what SMCR stands for?
SMCR stands for Senior Managers Certification Regime. You may also see the abbreviation SM&CR used as well as SMCR.
The aim of the SMCR is to create individual accountability to encourage everyone, including staff to take personal responsibility for their actions.
It replaces the current Approved Persons regime. It represents a major shake-up of financial services regulation and will fundamentally change the way that FCA-regulated firms operate and engage with the regulator.
Read more about the SMCR and the current Extension.