Review of the senior managers & certification regime

Ryder, Nicholas ORCID: https://orcid.org/0009-0008-8712-2946, Johnson, Diana, Bourton, Samantha and Hall, Demelza 2023. Review of the senior managers & certification regime. Journal of Economic Criminology 2 , 100029. 10.1016/j.jeconc.2023.100029

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Abstract

Following the 2022 Edinburgh Reforms, in which the Chancellor of the Exchequer announced a set of reforms designed to drive growth and competitiveness in the financial services sector, both HM Treasury and the Financial Conduct Authority (FCA) with the Prudential Regulation Authority initiated consultations to review the Senior Manager and Certification Regime (SM&CR). The aim of the review was to understand stakeholders’ views on how well the SM&CR is functioning and to identify ways to improve the regime to help it work better for firms and regulators. The SM&CR is seen as an essential tool to strengthen the financial services market by ensuring that financial services professionals are individually accountable to their employers and to the regulators. This article examines how the SM&CR has been operating to date and critically analyses whether it is achieving its original aims. The impact of the SM&CR on the international competitiveness of the UK financial services sector is considered, with comparisons drawn with the United States. Ultimately, this article recommends a greater use by the FCA of its enforcement powers to sanction senior managers, to ensure the international competitiveness of the UK financial services sector and to deter financial crime.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Cardiff Law & Politics Cardiff Centre for Crime, Law and Justice (CCLJ)
Subjects:	K Law > K Law (General)
Uncontrolled Keywords:	Senior Managers and Certificate Regime, identification doctrine, corporate criminal liability and FCA
Publisher:	Elsevier
ISSN:	2949-7914
Date of First Compliant Deposit:	3 October 2023
Date of Acceptance:	8 September 2023
Last Modified:	13 Oct 2023 09:00
URI:	https://orca.cardiff.ac.uk/id/eprint/162890

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