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Legal Ease with Lexis+® UK – October 2025
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The Leeds Reforms and the future of the SM&CR
nIn July 2025 Chancellor Rachel Reeves announced the Leeds Reforms which include changes to the UK regulators’ Senior Managers & Certification Regime (SM&CR). The SM&CR reforms aim to enhance the competitiveness of the UK financial services sector by streamlining regulatory burdens while preserving accountability. At the same time HM Treasury (HMT) published its Consultation on Reforming the SM&CR proposing legislative changes to the Financial Services and Markets Act 2000 (FSMA 2000). In parallel the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) issued Consultation Papers CP25/21 and CP18/25 respectively outlining a two phase approach to reforming SM&CR rules and guidance.
Phase 1: regulatory streamlining
Phase one focuses on simplifying existing regulatory processes and guidance. These changes do not require legislative amendments and are intended to reduce operational friction for firms....
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