Insights from the
front line

Regulators have become significantly more sophisticated in how they assess governance. The CBI's PCF regime, the FCA's SM&CR, and MiCAR's management body requirements all place individual accountability at the centre of the supervisory relationship. The analysis below covers governance as it is assessed in practice — what boards need to evidence, how compliance programmes are evaluated against regulatory expectations, and how to close the gap between governance that satisfies a regulator and governance that actually works.