SM&CR could place extra cost on advice firms

The Financial Conduct Authority's (FCA) Senior Managers and Certification Regime (SM&CR) raises standards of individual's conduct and emphasises the accountability of senior management. It has already been rolled out to other UK finance sectors. LEBC director of public policy Kay Ingram said the regime will place an extra burden on firms to carry out due diligence when recruiting advisers, however, the changes will not impact individual advisers as much as it will management, who are responsible for meeting the FCA's regulatory requirements. "A big difference is advisers will no long...