Introduction to the senior managers regime The Senior Managers and Certification Regime (SM&CR) is a comprehensive suite of legislation, regulation and conduct rules that aims to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence. It applies to financial institutions in the UK, including banks, building societies, credit unions, PRA-designated investment firms and insurers. For an introduction to the SM&CR, see Practice Note: SM&CR—one minute guide. Further information on the background to, and the key principles of, the SM&CR can be found in Practice Notes: • SM&CR—essentials for banks and PRA-designated investment firms • Conduct Rules for SM&CR Firms The SM&CR was driven by both the Independent Commission on Banking (ICB) and the Parliamentary Commission on Banking Standards (PCBS) established in the wake of the LIBOR scandal. For a more detailed analysis of the LIBOR scandal and enforcement action which has resulted, see Practice Notes: Benchmark enforcement action—essentials [Archived] and Conspiracy to defraud. See also,