The “clock is ticking” for UK firms, with less than six months to go until the Senior Managers and Certification Regime (SM&CR) comes into force, Sean Lam, chief executive at Walker Crips, stated.

Those affected need to take steps "now, if they want to be ready for the new regime", he said. Non-compliance with SM&CR after 9 December 2019 could incur regulatory penalties.

The FCA published its final rules on the extension of the SM&CR to almost all regulated firms in 2018.

Mr Lam said the introduction of SM&CR will have “considerable impact” on management, compliance, HR and technologica...