Commenting on the FCA’s near final rules
Commenting on the FCA’s near final rules on the Senior Manager & Certification Regime, and proposal for a directory of financial services workers, Suvro Dutta, Partner and SMCR lead for KPMG UK, comments:
“The FCA’s proposal to create a public directory of individuals is to be welcomed, it shows the regulator has listened to industry feedback and most importantly, a directory would add a further layer of transparency helping to enhance trust in financial services professionals. This is an important debate for the industry to have.
“Whilst it is only today that we get the near final rules on SMCR, its impact is already making waves having set the blueprint for accountability globally. Regulators around the world are increasingly focusing on named individuals and clarity of roles; Australia’s Banking Executive Accountability Regime (BEAR), for example, clearly borrows from SMCR.
“If implemented pragmatically and proportionately, SMCR will lead to a more resilient UK financial services sector; crucially this is a test of governance and not a regulation so a common sense approach from both firms and regulators is critical. In the last two years we have seen SMCR positively impact decision making in UK banks so rolling it out to the wider financial services sector creates a sound, clear and consistent framework for governance and supervision.”
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