Reflecting on the UK Senior Managers Regime 10 Years On

London insurance partner Steven Francis and associate Eli Levy co-authored an article for Law360 titled “Reflecting on the UK Senior Managers Regime 10 Years On.”

The article examines the recent reforms to the Senior Managers and Certification Regime (SM&CR), implemented in two phases by the Financial Conduct Authority and the Prudential Regulation Authority. Francis and Levy assess the SM&CR’s impact over the past decade and explain how the reforms aim to improve guidance, streamline regulatory processes, and reduce operational burdens.

“While reform is needed, the regulators should remain hopeful; the effectiveness of any regulatory framework ultimately depends on whether responsibility and accountability are clearly owned by individuals within firms. The SM&CR is the regulatory expression of this important principle,” the co-authors conclude.