Banking staff interviewed as part of a Financial Conduct Authority review of the Senior Managers & Certification Regime (SM&CR) described a “culture of fear” in the early days of implementation, which later dissipated.

The FCA interviewed 45 people from banks, trade associations, and other regulatory bodies, for a ‘stocktake report’ of the regulation’s effect on the sector.

“Some firms told us that there was a culture of fear during the early days of the regime. However, this has now largely dissipated,” said the authors of...