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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