Strengthening the Link Between Seniority and Accountability: The Senior Managers and Certification Regime

11 Pages Posted: 5 Dec 2018

Date Written: September 21, 2018

Abstract

The Senior Managers and Certification Regime (SM&CR) promotes the safety and soundness of regulated financial services firms and financial stability by strengthening the link between seniority and accountability.

It seeks to address the concern that some senior bankers avoided accountability during the financial crisis by claiming ignorance or hiding behind collective decision-making processes.

At the core of the SM&CR is a requirement for firms covered by the regime to identify and set out the responsibilities of their most senior decision-makers, who are accountable for actions falling in their area of responsibility.

To enhance governance at regulated firms, the SM&CR will be extended in full from December 2018 to cover insurers as well as banking institutions.

Suggested Citation

Allen, Terry, Strengthening the Link Between Seniority and Accountability: The Senior Managers and Certification Regime (September 21, 2018). Bank of England Quarterly Bulletin 2018 Q4. Available at SSRN: https://ssrn.com/abstract=3293704

Terry Allen (Contact Author)

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

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