The PRA has released a largely positive report, along with nine follow-up actions and recommendations on the SMCR for PRA-regulated firms.

Key Points:

..There is no need for major changes to the SMCR.

..There are some areas of the SMCR that could benefit from amendment and some areas where it is not yet clear whether the SMCR is working as fully intended.

..The report identifies nine follow-up actions and recommendations to refine the way in which the SMCR operates in practice.

..Around 95% of the firms surveyed said that the SMCR was having a positive effect on individual behaviour and that fitness and propriety requirements have supported higher professional standards and personal accountability.