Financial Conduct Authority to test SMR implications in 2017

UK regulator will look to test harder cases rather than go for clear breaches of the regime

Abdulali Jiwaji: "Unless you regulate to fill that gap, regulators/prosecutors are going to be one step behind"

2017 is likely to be the year when the UK's Financial Conduct Authority (FCA) takes on cases where various aspects of the Senior Managers Regime (SMR) will be tested in court.

Abdulali Jiwaji, partner at law firm Signature Litigation, believes the FCA will look to crack the harder cases from the onset to show it means business and establish guidance on the level of culpability required for someone to be sanctioned for failings under the SMR.

The SMR was born out of the Banking and Reform Act of

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