The United Kingdom has introduced a new regulatory regime designed to strengthen accountability in banks, large investment firms and insurance firms. The UK Senior Managers and Certification Regime (SMCR) took effect on March 7, 2016, and Mayer Brown is helping clients stay ahead of developments by providing sound regulatory and employment advice.
The SMCR will apply to all staff in UK banks, building societies, credit unions, investment firms designated by the Prudential Regulation Authority and UK branches of foreign banks, with the exception of staff who are deemed to be carrying out purely ancillary functions, such as receptionists, catering staff and security guards. The regime as it applies to branches of foreign banks will be tailored to reflect the lower level of risk they pose to the UK economy, but it will follow the same basic framework as the regime for UK firms.
Mayer Brown is helping clients stay ahead of key developments as the United Kingdom establishes a new regulatory regime for banks and investment and insurance firms.