The Financial Conduct Authority (FCA) have oversight and maintains governance over the UK’s financial sector.

Hence, SMCR ingrains an increased degree of personal responsibility and accountability within the financial sector.

Core Firms – These are the vast majority of UK firms and form the basis of this regulatory regime.

They are not however absolved from regulations, as many of them will be subject to other regulatory frameworks and regimes such as the Approved Persons Regime or others.

It is important to note however, that being under the Senior Managers Regime (SMR), a different regime, UK banks are not subject to the obligations and regulations under the SMCR regime for other financial companies. | To read full story, visit https://startuparound.com/read/1580466607.7712522/The-FCA’s-expanding-regulations?ref=audio_experience