The Senior Managers and Certification Regime (SM&CR) has been extended to all insurers regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority from today. The FCA said:
“The SM&CR, which aims to increase individual accountability within the financial sector, already applies to the banking sector. Today’s extension of the SM&CR to insurers is a key step to improve culture and governance in the sector.
The extension of the SM&CR will ensure that all staff understand who has ultimate and overall responsibility. It will also ensure firms’ governance arrangements are transparent and set clear expectations for the conduct of all financial services staff.
The SM&CR now applies to all dual regulated insurance and reinsurance firms and will replace the Senior Insurance Managers Regime (SIMR) and the Revised Approved Persons Regime for insurance firms.”
For the full story, click here to visit the FCA’s website.
For more information on Insurance and the SM&CR, please contact Kirsty Jessep on 01423 522599 or email Kirsty.Jessep@consumercreditcompliance.co.uk