Global regulators set sights on individual accountability
KPMG has predicted a global regulatory move towards individual accountability, with the UK’s Senior Managers and Certification Regime (SMCR) poised to trigger organisational and cultural change in private equity.
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The extension of SMCR to FCA-regulated firms including private equity GPs was first outlined by the UK's Treasury in October 2015[/caption]
Combined with new or proposed regimes in Australia, Hong Kong, Singapore, the US and Ireland, the SMCR has become the global blueprint for personal accountability in financial services, the consultancy said in a new report.
The extension of SMCR to FCA-regulated firms including private equity GPs was first outlined by the UK's Treasury in October 2015[/caption]
Combined with new or proposed regimes in Australia, Hong Kong, Singapore, the US and Ireland, the SMCR has become the global blueprint for personal accountability in financial services, the consultancy said in a new report.Profile: