AFB Virtual Seminar: What are the Proposed Reforms to the Senior Managers and Certification Regime?

In April, the FCA and PRA finalised their rules for phase one of their planned reforms to the Senior Managers and Certification Regime (SMCR). Many changes took effect on 24 April 2026, with some streamlining of processes being applicable from 10 July 2026. 

Alongside this, HM Treasury has confirmed its intention to legislate for the changes it proposed in its consultation in summer 2025. These more substantive changes represent phase two of the SMCR reforms.

In this virtual seminar, BCLP will review and assess for AFB members both the phase 1 and phase 2 reforms and set out the next steps.

Who should attend?

All those with an interest in understanding the update from the HM Treasury and regulators on the changes to the SMCR.

Speakers

Polly James, Partner

Polly is an experienced financial services regulatory lawyer who helps financial institutions and their boards to manage regulatory risks arising in a broad range of situations spanning enforcement proceedings, supervisory interventions (e.g. s166 reviews and use of ‘own initiative powers’), whistleblower reports, FOS complaints and navigating legal/regulatory changes. In addition, Polly has significant experience in successfully preparing members of firms’ senior management for their regulatory approval interviews with the PRA and FCA. Having been on secondment to the FSA Enforcement Division, she knows what it feels like on both sides of the table.

Katherine Pope, Partner

Katherine advises businesses on all aspects of employment law and HR issues, including disciplinary and grievance disputes, whistleblowing complaints, reorganisations, performance issues and dealing with employees suffering from ill health. She has a particular focus on the financial services sector, and her work often involves a regulatory angle, including in the context of investigations.

Katherine regularly negotiates and documents complex employee exit arrangements and has conducted a broad range of proceedings in the Employment Tribunal. Alongside whistleblowing, she has a keen interest in discrimination law.

Katherine has spent time on secondment including at a large financial institution, where she advised on a wide breadth of HR issues (including complex grievance and disciplinary matters) and assisted in handling collective redundancy situations.

John Budd, Counsel

John is a financial services regulatory lawyer based in London. He is a specialist in non-contentious advisory work with a particular focus on banking, payments and fintech. John advises clients on the full life-cycle of regulated businesses, including licensing matters, compliance with conduct of business and prudential rules, M&A and insolvency/wind-down. Before returning to private practice, John worked at the Bank of England. He draws on this experience at a regulator to find efficient and practical solutions for clients. John is listed as a “Rising Star” for Financial Services Regulatory/Non-contentious in IFLR1000.

Logistics

Fee:          Included in AFB membership

Format:    Online via Zoom

Date:        Friday 22 May 2026

Time:        09:00 – 10:15

There will be opportunity for questions throughout the session; however, if you would like to submit a question before or have any areas that you would like the session to address, please send them to the AFB at secretariat@foreignbanks.org.uk.

You will receive final event details a week before the event.