In 2021 we predict
Three final notices against senior managers under the Senior Manager Conduct Rules and/or the Duty of Responsibility.
The picture in 2020
- COVID-19 has slowed the progression of new FCA enforcement investigations against both firms and individuals.
- The FCA has stated that the COVID-19 pandemic will be the "first real test" of the SMCR.
- No final notices against senior managers have been published since SMCR in 2016.
- Three individuals were prohibited for non-financial misconduct in 2020.
Looking ahead to 2021
- The FCA expects the 2019 extension of the SMCR to bring greater numbers of Enforcement cases against individuals.
- It is important for the FCA to show that the SMCR is working in practice and 'has teeth'. With no outcomes to date under SMCR, the FCA will be pushing for its open investigations into Senior Managers to reach the outcome stage in 2021.
More information on senior managers and certification regime for banks.
This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.
Key contacts
If you have any questions, contact a member of the FCA enforcement on individuals team for assistance:
