Rathi wants a “more flexible” regime. But he has also said the FCA will have to rely on the “clear accountability” provided by the SMCR “to avoid putting lots of new rules in place” in its support of ...

Speech focuses on the regulatory change agenda, and confirms that firms are no longer expected to have a Consumer Duty board champion.

For FCA-authorised firms, upcoming consultations on the SMCR will show the changes the regulator is considering to that regime. Given the FCA’s actions to date, FCA-authorised firms should ...

The UK’s Financial Conduct Authority (FCA) introduced a regime to do just that back in 2016—the Senior Manager Certification Regime (SMCR)—but thus far, only one penalty has resulted from 34 ...