What Senior Managers need to know about the SMCR Duty of Responsibility

The extension of Senior Managers and Certification Regime (SM&CR) to insurers introduces a new ‘Duty of Responsibility’ which applies to Senior Managers at insurance firms.

The Duty of Responsibility enables the regulators (the PRA and FCA) to take action directly against a Senior Manager regarding a breach at a regulated firm if they can show that the Senior Manager failed to take ‘reasonable steps’ to prevent or stop the breach.

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