UK regulators propose slimming Senior Manager and Certification Regime to cut compliance burden

The Bank of England and FCA unveiled proposals to reduce the number of financial services roles subject to enhanced checks under the Senior Manager and Certification Regime (SM&CR), aiming to ease regulatory burden and support growth. The scope of the regime would shrink significantly, though details on which roles are affected remain unclear. This signals a regulatory easing trend in UK financial services, potentially lowering compliance costs for banks and insurers.

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