The Financial Conduct Authority (FCA) announced
in late 2015 that the Senior Managers’ Regime (SMR), which has applied to banks and building societies since March, would be extended to all FSMA [Financial Services and Markets Act]-authorised people, including asset managers.
When completed, which isn’t likely until 2018 at least, it’s expected to catch approximately 60,000 businesses from stock brokers to consumer credit firms, and everything in between.
Responses have been mixed. “I hope this will land somewhere sensible. Asset managers are not banks, regulators know that, so I’m hoping for a proportionate regime,” said Lisa Cawley, financial regulation...