The Financial Conduct Authority of the United Kingdom investigated 45 financial company directors last year; in 2015 and 2016 it investigated 21 and 24 respectively.

In compiling the figures, the FCA took “company directors” to mean people who have performed (for some reason the FCA says 'held') CF1 (director) or CF2 (non-executive director) functions at any point; they may not have been doing those jobs at the time of the misconduct for which the FCA was looking. The figures enumerate the investigations that the FCA opened each year but do not include anything current.

Out of last year's 45, there was one apiece on the subjects of client money, insider dealing and application to revoke approval. There were 12 on the subject of financial crime, ten on the subject of corporate governance and/or culture; and 19 on retail conduct, the most common subject for investigation every year.

As of 21 February, 4,807 people are subject to the SMR. The proposed extension of the SM&CR to all firms is planned to take effect in two stages – the first to insurance firms which HM Treasury says will take effect on 10 December and secondly, at a date that it has yet to publicise, to all FCA solo-regulated firms. Nobody knows how many will join in the first tranche, but about 2,235 people (also as of 21 February) operate under the Senior Insurance Managers’ Regime.