Insurers given December start date for Senior Managers and Certification Regime
Brokers still facing a 2019 implementation date.
The government has confirmed that insurers will come under the scope of the Senior Managers and Certification Regime (SMCR) from 10 December 2018.
According to the government, SMCR will give “consumers peace of mind that those at the top of the big insurers will be held personally responsible for any wrongdoing”.
The Financial Conduct Authority (FCA) stated in July that it was proposing to extend the scope of SMCR to more firms.
At that time the British Insurance Brokers’ Association urged
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