Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms - Law Society response
The Society has responded to the FCA’s consultation on Individual Accountability: Extending the Senior Managers & Certification Regime (SM&CR) to all FCA firms.
The Law Society remains strongly of the view that the legal function should be excluded from the scope of the SM&CR.
In its response, the Law Society reiterates that including the legal function within the Senior Managers regime raises significant risks for clients and solicitors, including:
- Erosion of Legal Professional Privilege
- In-house lawyers being placed in positions of conflict with their employers
- The prospect of dual regulation for some lawyers.
The Society argues that the proposals should be subject to a full consultation to allow both the FCA and the affected organisations and stakeholders to respond in full.