SM&CR could place extra cost on advice firms

New regime rolled out today

clock • 3 min read

Firms may need to bear extra costs in onboarding advisers due to Senior Managers & Certification Regime

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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Adviser / Broking

SJP adds three advisers to build AR firms

SJP adds three advisers to build AR firms

Bringing experience from Fairstone, Santander and Quilter

Isabel Baxter
clock 10 September 2026 • 2 min read
Rosemount renews mental health partnership for advisers

Rosemount renews mental health partnership for advisers

Partnership with SIX MHA

Jaskeet Briah
clock 10 September 2026 • 1 min read
The protection gap is not a surprise. Treating it as one is.

The protection gap is not a surprise. Treating it as one is.

“This is not mysterious. It is what this market is built to produce.”

Tony Müdd
clock 08 September 2026 • 4 min read