In 2016, the PRA and FCA introduced a new individual accountability regime for banks – the Senior Managers and Certification Regime (SMCR). It was later adopted for insurers and was extended to all other regulated firms in December 2019. The regime is designed to make sure there’s clear accountability at the senior levels of an organisation. The aim is to make individuals more accountable for their responsibilities, conduct and competence.
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The Modern Slavery Act�came into effect in March 2015. As one way of tackling the problem of modern slavery, the act requires that all commercial organisations, with a turnover of more than �36 million, provide an annual �slavery and human trafficking� statement. � Modern Slavery Statement 2022 Our statement, as required by law, sets out the steps we�re taking to make sure that this doesn�t happen.�
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