Senior Managers Regime

Our commitment to individual accountability

Last updated 27/07/2023

The Senior Managers Regime (SMR) aims to raise standards of governance, increase individual accountability and help restore confidence in the banking sector.

It applies to Financial Conduct Authority ‘relevant authorised persons’ (dual-regulated firms other than insurers). The FCA has decided it will apply the fundamental principles to its senior staff, even though it is not formally subject to the SMR.

As an independent subsidiary of the FCA, the PSR is adopting and applying the same core principles.

The SMR is a reaffirmation of our commitment to individual accountability. By holding ourselves to the highest standards we reinforce our expectation that those who work in financial services do the same.

With the appointment of new members of the PSR's Senior Management Team (summer 2023), we are updating our SMR. We will publish an updated, formal description of the core responsibilities of members of our Board, Executive Committee and those carrying out Senior Management Functions at the PSR.

Further information

How the FCA is applying the SMR (this will take you to the FCA website).