The extension of the senior managers and certification regime (SMCR) to include insurers this month could cause a talent drain in the industry and be a major culture shock given that the regulation was specifically designed for retail banking, sources told IFLR.
According to Chris Finney, partner at Fox Williams, the referencing rules are so onerous that they are expected to have a freezing effect on employment. “Banks had staff turnover reduced because references now say a lot more than just the joining and leaving dates,” he said. “This meant changing jobs became a bigger challenge for some employees, and the same could happen for insurance.”
If you are a registered user of IFLR.com, please click here to read the full article. This article was first published on 18 December 2018.