The General Data Protection Regulation
(GDPR) could make the Senior Managers Certification Regime
(more commonly referred to as SMR) more burdensome. This could
be particularly damaging given that the regime is already said
deterring many from taking on more senior roles.
"It’s getting to a
stage where people are concerned about taking on certain types
of roles," said Berkeley Research Group’s
financial services managing director Naomi Bowman.
"I’ve met with individuals whose roles are
currently within the scope of SMR but who have sought
The remit of SMR was extended in 2015 and is set to be
widened again this year to potentially include all Financial
Conduct Authority (FCA) regulated firms. Last year, the
regulator increased the scope of the framework, adding a
certification regime for those that are not senior managers but
'whose role means it’s possible for them to cause
significant harm to the firm...