Lex Verweij, a people and talent expert at PA Consulting, is quoted in an article on the Senior Managers and Certification Regime (SMCR) and how the new UK corporate governance rules are causing stress and mental health problems among fund professionals.
Lex says: “SMCR needs to be taken seriously and the potential jail penalties for breach of regulations should concentrate minds.”
The article goes on to say that Lex believes SMCR could “improve the mental health of those in the regime by engaging and empowering senior managers more effectively”.
He adds: “If SMCR deters people who “intentionally break the law” that will also be a good thing.”
He continues: “While there is a risk that worries about being caught up in unintentional breaches could scare some away from the financial sector, those who intentionally break the law should not be managing other people’s money.”