SMCR: Individual Accountability within Investment Management firms

  • October 23, 2018

With the implementation of the extended Senior Managers and Certification Regimes (SMCR) expected in 2019, FourthLine hosted a Breakfast Briefing to discuss its impact within investment management firms.


The Senior Managers and Certification Regime (SMCR) emerged from the 2013 Parlimentary Commission on Banking Standards. Jointly driven by the FCA and PRA, the three main objectives of SMCR are:

  • To focus individual accountability on a narrower number of senior managers
  • To encourage senior managers to take greater responsibility for their actions
  • To make it easier for regulators to hold individuals to account

SMCR was implemented for banks, building societies and major investment firms from March 2016, and then extended to insurers from 10 December 2018 followed by full roll out to almost all regulated Financial Services firms from 9 December 2019.

In anticipation of this roll out, FourthLine hosted a Breakfast Briefing titled ‘SMCR: Individual Accountability within Investment Management firms’ at the Sky Garden on 14th September 2018.

We were joined on the morning by John Chrimes, a Programme Manager with experience of delivering complex and high profile change programmes within the Financial Services, Asset Management and Retail sectors.


John shared his experience of implementing the regime end-to-end within a Bank, and drew on his experience running the programme at an Insurer. Topics discussed included:

  • The regulation itself and what it means for Investment Management firms. 
  • Potential challenges and how to overcome them 
  • How to engage with senior stakeholders 

Following the event, we caught up with John to find out more about the areas of debate covered during the session.

If you’d like to find out more about what was discussed during the morning, including some key takeaways, please email [email protected].



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