The General Data Protection Regulation (GDPR) could make the Senior Managers Certification Regime (more commonly referred to as SMR) more burdensome. This could be particularly damaging given that the regime is already said to be deterring many from taking on more senior roles.

"It’s getting to a stage where people are concerned about taking on certain types of roles," said Berkeley Research Group’s financial services managing director Naomi Bowman. "I’ve met with individuals whose roles are currently within the scope of SMR but who have sought exemptions."

The remit of SMR was extended in 2015 and is set to be widened again this year to potentially include all Financial Conduct Authority (FCA) regulated firms. Last year, the regulator increased the scope of the framework, adding a certification regime for those that are not senior managers but 'whose role means it’s possible for them to cause significant harm to the firm...