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Widening the Senior Managers & Certification Regime (SMCR) to the mortgage market

The Senior Managers and Certification Regime (SMCR) is a new regulatory framework for similar fitness, propriety, conduct and accountability standards for individuals holding positions of responsibility within financial services firms including mortgage lenders and brokers. 

The regime emerged from the Parliamentary Commission on Banking Standards and was developed for banks and building societies, and has caught senior executives and important functions in mortgage lenders since last March (see Figure 1 below). Following a government decision last year, it will extend to all financial services firms including mortgage brokers by the end of 2018.


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