Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Manager definition

What does Manager mean? In legal practice, a manager is an individual who sits on the governing body of a law firm or other authorised legal services business and shares ultimate responsibility for its management, strategy and regulatory compliance. In practical terms, this usually means a partner in a partnership, a member of an LLP, or a director of an incorporated practice. In England and Wales, manager is a defined term in the SRA Standards and Regulations (SRA Glossary 2019), aligned with the Legal Services Act 2007. Managers of authorised bodies (including ABSs) generally require SRA approval and carry personal regulatory duties, such as ensuring...

Financial Services (Banking Reform) Act 2013: Senior managers’ offence of causing a financial institution to fail, PSR investigatory powers and related offences (UK)

Published by a LexisNexis Corporate Crime expert

Practice notes

Introduction to the senior managers regime

The Senior Managers and Certification Regime (SM&CR) is a comprehensive framework of legislation, regulation and Conduct standards designed to cut consumer harm and uphold market integrity by ensuring individuals are accountable for their behaviour and competence. It covers UK financial institutions, including banks, building societies, credit unions, PRA‑designated investment firms and insurers.

For an introduction, see Practice Note: SM&CR—one minute guide. Further background and the key principles are outlined in:

SM&CR—essentials for banks and PRA‑designated investment firms
Conduct Rules for SM&CR Firms

The SM&CR was shaped by the Independent Commission on Banking (ICB) and the Parliamentary Commission on Banking Standards (PCBS), established following the LIBOR scandal. For detailed analysis of LIBOR and subsequent enforcement, see Practice Notes: Benchmark enforcement action—essentials [Archived] and Conspiracy to defraud. See also, News Analysis: Libor manipulation and defining dishonesty. The PCBS report, ‘Changing Banking for Good’, put forward recommendations to address the deep erosion of trust resulting from significant failures in banking standards...

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Michael Potts

PCB Byrne

Michael is a specialist in the defence of corporate and financial crime and regulatory investigations and prosecutions. He has represented senior executives and other professionals in many high-profile domestic and international investigations and prosecutions conducted by the SFO, FCA, NCA and other prosecution/regulatory agencies.Michael regularly advises and represents senior financial services personnel facing FCA/PRA and other regulator investigations and disciplinary action. He also advises and represents high-net-worth individuals facing revenue investigations and potential prosecutions.Michael has also been extensively involved in advising clients facing financial and trade sanctions both domestically and globally with experience of sanctions regimes in a range of countries. His most recent experience includes representing high-net-worth individuals that are the subject of sanctions imposed by OFAC, OFSI and the Minister for External Relations and Financial Services (Jersey), including challenging the ‘designated’ status of a number of...

Web page updated on 21/05/2026

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