Scaling up the Senior Managers and Certification Regime: Thinking Ahead

The UK Senior Managers and Certification Regime (SMCR) is being extended to almost all financial services firms authorised by the FCA. This will include many firms in the payment services, peer-to-peer lending, crowdfunding and robo-asset management sectors. The plans are currently under consultation and we expect the regime to be implemented towards the end of 2018.

The SMCR was introduced in response to the 2008 banking crisis and the LIBOR rigging scandal to enhance individual accountability and create a culture of risk management and compliance. It has applied to banks, building societies and certain investment firms since March 2016, with a modified regime for insurers (known as SIMR). It is anticipated the extended regime will largely follow the current SMCR.

This post considers the extension of the SMCR and suggests some next steps for newly ‘in scope’ firms. Continue reading

Fintech and competition law

As the surge of Fintech continues to gather speed, authorities around the world are watching with keen interest to see how fintech can change the competitive landscape across various sectors and markets.

Mark Jephcott and Adelaide Luke from the competition team at Herbert Smith Freehills discuss some of the recent competition law developments relating to the fintech sector and explore some potential competition issues and concerns that may arise in the near future. Continue reading