REGULATION · UK
Bank of England launches Phase 2 review of Senior Managers and Certification Regime
The Bank of England and FCA are consulting on Phase 2 reforms to the SM&CR (Certification Regime), which sets accountability and conduct standards for senior bankers and certifiable staff. Phase 2 will likely expand scope to cover more roles and tighten governance.
WHY IT MATTERS
Expect broader certification requirements for AI and data governance roles. Banks must prepare compliance frameworks now to cover new senior manager designations in emerging risk functions.
Source: Bank of England · 2026-10-22