The human touch: SMCR extension reaches smaller firms

Extended to nearly 50,000 firms, the UK regime aims to pinpoint responsibility, from money laundering to #MeToo

UK regulation
Responsibility for missteps of any kind will be extended to almost 50,000 more firms in the UK

Responsibility for financial wrongdoing has been hotly disputed ever since the largely unpunished financial crisis a decade ago. On Monday, December 9, regulation to identify who precisely can be held responsible for future missteps of any kind will be extended to almost 50,000 more companies in the UK.

The Senior Managers and Certification Regime (SMCR), the Financial Conduct Authority’s (FCA) flagship regulation, will be broadened beyond the very large banks it now governs to 48,118 more

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