DP23/3: Review of the Senior Managers and Certification Regime (SM&CR)

DP23/3 published
Discussion period closed

In this joint Discussion Paper (DP) with the PRA, we are seeking input on potential ways to improve the Senior Managers and Certification Regime (SM&CR).

Read DP23/3

We are asking for views on the effectiveness, scope and proportionality of the SM&CR. 

The Treasury has, in parallel, launched a Call for Evidence and is also seeking feedback on the SM&CR. This DP should be read alongside the Treasury’s publication to understand the full scope of the legislation and regulatory requirements we are inviting views on. 

Who this is for? 

This DP is relevant to: 

  • financial services firms covered by the SM&CR 
  • trade bodies 
  • consumer organisations 
  • other regulated firms not currently subject to the SM&CR 
  • any other interested stakeholders 

Next steps

The discussion period has now closed. We are considering the responses and continuing to work together with the PRA and HMT to decide next steps.


In December 2022, the government announced, as part of the Edinburgh Reforms, that the Treasury, FCA and PRA would review the SM&CR.

Find out more information about the SM&CR.