What is required from firms under the Senior Managers Regime?

The Senior Managers Regime (SMR) is designed to enhance corporate governance and accountability in the financial services sector. One of the key requirements under this regime is the necessity for firms to establish clear lines of responsibility for individual senior managers. This clarity ensures that each senior manager understands their specific responsibilities and cannot easily pass the buck when things go wrong.

By delineating responsibilities, the SMR aims to promote accountability and encourage senior managers to take ownership of their areas of responsibility. This clarity is essential for regulatory oversight and helps ensure that firms are well-managed and in compliance with regulatory standards. When senior managers are accountable for their actions and decisions, it significantly enhances the overall integrity and performance of the firm.

The other options, while important in various contexts, do not specifically align with the core requirements of the Senior Managers Regime. The regime focuses on clearly defined accountability rather than the procedural or training aspects suggested by the other options.