The Financial Conduct Authority launched fewer than half as many investigations into senior manager in 2021, according to research from financial regulation consultancy Bovill.
Despite extending the Senior Managers and Certification Regime (SMCR) to 48,000 solo-regulated firms last year, a Freedom of Information request found that by 15 November 2021, only six enforcement operations had been opened in the year. This represents a sharp drop-off from previous years, where between 2018 and 2020, the number of enforcement investigations did not drop below 13. The request also revealed further concerning statistics from the FCA, such as nearly two-thirds of the 54 SMCR investigations opened since 2016 have yet to be resolved. Of the 19 investigations that have...
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