Brokers in the dark over SMCR
Only 47% of brokers surveyed believe the new regime will improve protection for customers, according to research by Ecclesiastical.
The Senior Managers & Certification Regime (SMCR) legislation, which has been in place for banks and lenders since 2016, is being extended to insurers from December 2018.
Brokers will come under the scope of the regime in 2019.
It will effectively replace the Senior Insurance Managers Regime (SIMR) with a new set of guidelines designed to protect customers and make individuals more accountable for their conduct and competence.
As well as targeting senior employees the new rules mean a code of
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