Since March 2016, the Senior Managers and Certification Regime has applied to British financial firms. Each senior manager has a Statement of Responsibilities that says what he or she is responsible and accountable for. Firms also draw up a Responsibilities Map. Every senior manager has a Duty of Responsibility under the Financial Services and Markets Act 2000.
In 2023, IFA Magazine reported that, according to freedom of information data, only one enforcement action had been taken under the regime since its introduction.