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

SM Advice adds AI visibility and authority audit service

SM Advice adds AI visibility and authority audit service

AI search visibility and practical steps

Jaskeet Briah
clock 29 September 2026 • 1 min read
CII launches Voices

CII launches Voices

New research community

Sophia Panayi
clock 25 September 2026 • 1 min read
Howden Employee Benefits COO expands remit following Barnett Waddingham deal

Howden Employee Benefits COO expands remit following Barnett Waddingham deal

Supporting UK and international growth ambitions

Jaskeet Briah
clock 17 September 2026 • 2 min read