The SM&CR, which aims to increase individual accountability within the financial sector, already applies to the banking sector. Today’s extension of the SM&CR to insurers is a key step to improve culture and governance in the sector.
The extension of the SM&CR will ensure that all staff understand who has ultimate and overall responsibility. It will also ensure firms’ governance arrangements are transparent and set clear expectations for the conduct of all financial services staff.
The SM&CR now applies to all dual regulated insurance and reinsurance firms and will replace the Senior Insurance Managers Regime (SIMR) and the Revised Approved Persons Regime for insurance firms.