The UK’s Senior Managers and Certification Regime (SM&CR) was developed in the years following the global financial crisis of 2008 to create much stronger levels of personal accountability and individual responsibility especially among senior managers and material risk takers but also for all staff in financial services firms for their conduct. It was established because many senior managers were simply unaware of what was going on in their firms in the run-up to the financial crisis. The SM&CR created specific sets of accountabilities for senior managers and formal conduct rules with the view to transforming the culture of the financial services industry and improving standards.

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