Are you and your firm ready for the Senior Managers and Certification Regime (SM&CR)?
The SM&CR is a catalyst for change. Its aim is to reduce harm to consumers and strengthen market integrity by encouraging greater individual accountability for conduct and competence and setting a new standard of personal conduct.
The purpose of the SM&CR is to establish healthy cultures and effective governance in almost every solo-regulated firm, from very small firms (including sole traders and limited permission consumer credit firms) to some of the largest global firms. It also applies to branches of non-UK firms with permission to carry out regulated activities.
SM&CR (the Regime) comes into full force on 31 March 2021. You will need to have certified all relevant staff and delivered Conduct Rules training to all those who haven’t yet received it. Don’t delay and wait until the deadline of 31 March. Acting now will ensure there is enough time to ask questions and make sure the data you submit is correct.
You must submit your Directory Persons data, via Connect, by 31 March 2021 but if you are able to do so, submit sooner and Financial Conduct Authority (FCA) will incrementally display data as we receive it.
It is also important that you don’t wait until 31March to remove staff who are not fit and proper from certified roles.
If you need assistance in embedding your SM&CR, contact us.
At LS Consultancy, we offer a number of distinct products and services which can be deployed individually or combined to form a broader solution including Compliance support.
When you face business or regulatory challenges, we provide solutions that are tailor-made to your needs with a view to releasing your energies to focus on your clients.
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