Senior managers’ regulatory reform could heap extra costs on firms

Regulation

Changes to the Senior Managers and Certification Regime could lead to extra regulatory costs, especially if the government pursues a major shake-up, experts have warned.

The government will launch a consultation on SMCR in the first quarter of this year.

The SMCR review was included in the announcement of the Edinburgh reforms in December last year, a package of 30 regulatory reforms aimed at unlocking investment and turbocharging UK growth in towns and cities.

Chancellor Jeremy Hunt wants to seize upon ‘Brexit freedom’ to create a more dynamic and competitive financial services.

However, there are concerns around the cost and complexity of reforming SMCR

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