What happened
UK regulators have set out plans to simplify the Senior Manager and Certification Regime, according to an announcement published by the Bank of England on 22 October 2026.
Under the proposals, the number of financial services roles that must face enhanced checks from regulators would fall significantly. The Bank of England said the changes are meant to support growth.
What it means for you
The proposals concern how regulators check people in senior and sensitive jobs at financial firms. They do not change rules for ordinary customers directly, and the announcement as published gives no detail on how everyday banking or savings products would be affected.
If you work in UK financial services, including as an Indian professional based there, fewer roles could come under enhanced checks if the plans go ahead. The proposals are not yet final, so no change applies yet.
Background
The Senior Manager and Certification Regime is the UK framework for holding individuals at financial firms accountable. Roles covered by it are subject to additional scrutiny by regulators. The latest proposals aim to reduce how many roles fall under that heightened scrutiny.
Similar debates about simplifying bank rules are under way elsewhere. Our coverage of the ECB’s approach to supervision is here: ECB’s Elderson on simpler bank rules.
