Blog: How does the SM&CR approach misconduct?
Nick Wilcox and Rolleen McDonnell of law firm BDBF examine where brokers may fall foul of the latest regulation to hit intermediaries.
The Senior Managers and Certification Regime (SM&CR) was rolled out to insurance brokers and intermediaries in December 2019.
The regime has been designed to increase individual accountability by making sure that senior individuals (‘senior managers’) are held responsible for the operations of a firm.
Governance
One of the key changes under the SM&CR is the drive to create a governance culture within firms.
Anyone who was previously an ‘approved person’ must now be certified to perform
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