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Increased Personal Liability has been good for the UK Financial Services
The Senior Managers & Certification Regime (SMCR) has already had a positive impact on the financial services sector, according to a survey of nearly 200 senior financial services executives polled by Duff & Phelps. 55% believe the SMCR has positively affected the banking and alternative investment communities, whilst just 15% say it has had a negative impact.
With the first anniversary of the regime on March 7, firms have seen a real change in culture over the last year in what might now be considered a watershed regulation for the UK financial services sector.
Monique Melis, Managing Director and Service Line Head, Regulatory Consulting comments on the findings:
“The threat of personal sanctions is ensuring compliance functions put their duties before other considerations. Where managers fail to support them, they themselves may face penalties. We have seen SMR start to change the way compliance departments budget. They are not just counting compliance costs, but the costs of hiring a replacement compliance officer or interim staff, for regulatory penalties and remediation in cases of failure, and for their own personal liability if things go wrong. In short, this regime may have been a game-changer after all. Almost a decade after the financial crisis, cultural change in financial services is finally starting to happen.”
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