HMT confirms it will proceed with targeted legislative reforms to the SM&CR following consultation, aiming to simplify requirements while preserving core accountability

The response indicates broad support for reform and confirms plans to introduce more proportionate and flexible requirements, including simplifying responsibilities, reducing duplication and enabling regulators to streamline approval and reporting processes. It also signals that legislation will be brought forward to implement these changes, with further detail to follow in secondary legislation and regulator rulemaking, forming part of a wider programme to reduce administrative burden and support competitiveness in the UK financial sector.