Do the current trends in FCA/PRA enforcement signal the beginning of the Senior Managers Regime?

The FCA has enforced noticeably fewer penalties as we approach the end of 2017. Significant fines were imposed against individuals as opposed to firms, and generally fewer open cases have been closed following investigation (see 2017 FCA fines here). What are these trends telling you and your firm? And might they signal the commencement of...