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Last week, the UK's Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposed initial reforms to the Senior Managers and Certification Regime (SM&CR) aimed at reducing regulatory burden and supporting growth in financial services.

"High standards of accountability are important for maintaining confidence in our financial services industry," said Sam Woods, CEO of the PRA. "Today's changes will reduce the burden of the Senior Managers and Certification Regime without diluting accountability, and we will work with the government on further reforms."

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