“Accountability slows us down,” says no one acting in the public interest.
On Tuesday 15th July, Chancellor Rachel Reeves is expected to announce sweeping changes to the UK’s Senior Managers & Certification Regime (SM&CR) — a core safeguard introduced after the 2008 financial crisis to ensure accountability at the top of financial institutions.
The message from the Mansion House?
“Red tape is holding the City back.”
But let’s be clear: this isn’t red tape.
This is consumer protection.
This is duty of care.
This is what’s left of trust in a system that too often rewards profit over prudence.
💼 What’s Changing?
According to reports, Reeves plans to:
- Scrap key elements of the SM&CR legislation.
- Shorten regulator review periods for senior appointments (from 3 months to 2).
- Remove pre-approvals for 40% of certification cases.
- Reduce regulatory engagement when appointing top executives.
The aim? To attract global finance, increase City competitiveness, and chase the illusion of economic growth.
🚨 What’s at Stake?
SM&CR was introduced after the reckless mismanagement that fuelled the global crash in 2008. It was designed to ensure:
- Only fit and proper individuals could hold senior roles.
- Personal accountability for misconduct and consumer harm.
- A cultural shift from profit-first to responsibility-first.
Rolling back these safeguards means:
- Easier entry for bad actors.
- Weaker enforcement against misconduct.
- Greater risk of consumer harm and financial scandal.
Growth for the City may come at the cost of greater vulnerability for the public.
🧭 An Aquarian Test of Purpose
This proposal is not neutral. It reflects a Piscean logic—centralised, opaque, and growth-at-any-cost. It prioritises speed over scrutiny. Power over protection. Image over integrity.
In the Age of Aquarius, we are called to a different kind of leadership:
- Transparent, not expedient.
- Empowering, not extractive.
- Centered on the public good, not private gain.
👁 A Missed Opportunity for Reform
Reeves rightly acknowledges that SM&CR is imperfect. It has been plagued by delays, bureaucracy, and inconsistent application. But the answer isn’t to dismantle it—it’s to fix it:
- Digitise and streamline the approvals process.
- Clarify responsibilities and reduce regulatory ambiguity.
- Increase enforcement to make the regime meaningful.
- Measure success by consumer outcomes, not city bonuses.
🛡 Let’s Not Forget Why SM&CR Exists
It was never designed to be convenient.
It was designed to prevent another RBS, Northern Rock, or Lehman.
And for the thousands of ordinary people who have lost pensions, homes, and peace of mind due to unchecked financial misconduct—it is still not enough.
💬 Final Word
The Chancellor calls this reform.
But to those who understand the cost of weak regulation, it looks like a backdoor for unaccountable leadership.
If the FCA was already struggling to enforce standards under SM&CR, how will less oversight help?
We must not confuse faster hiring with better leadership.
We must not sacrifice consumer safety at the altar of City growth.
📣 Now is the time to stand for a financial system that serves the people—not just the powerful.
To support or refer someone to Get SAFE, visit the Academy website.
Together, we can turn victims into victors and restore what was taken—one life at a time.
About Get SAFE
Get SAFE (Support After Financial Exploitation) was born from a simple truth: too many victims of financial abuse are left to suffer in silence.
We exist for people like Ian—for the ones who did everything right, only to be failed by the systems they trusted. We know that behind every vanished pension, every ignored complaint, and every stonewalled letter is a person—frightened, exhausted, and too often alone.
Get SAFE offers more than sympathy. We offer structure, support, and solidarity.
We provide a voice where there’s been silence, and clarity where there’s been confusion.
We stand beside those who have been exploited, not just to help them recover—but to help them reclaim their story and rebuild their future.
Because financial justice is not a luxury.
It’s a human right.
If you or someone you know has been affected by financial exploitation, we are here.
You are not alone.
Learn more at: Get SAFE (Support After Financial Exploitation).
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