Taking the initial steps to SM&CR compliance

Nov 14th '18

On 9th December 2019, in just over a year’s time, the wider UK financial services industry will be required to implement the Senior Managers and Certification regime (SM&CR). This is a fundamental regulatory change that gets to the heart of the leadership, conduct, culture, accountability and governance of a firm.


What is SM&CR?

SM&CR is the extension of the Senior Mangers Regime (SMR) and Senior Insurance Manger Regime (SIMR) to all other sectors. It builds on the current approved person’s regime (APER) by ensuring that Senior Managers have clearly defined responsibilities and accountabilities.


In reality this becomes much more than a box-ticking exercise. The FCA expects Senior Managers to be fit and proper persons, with the relevant skills and knowledge to perform their duties and be personally accountable for the areas they have oversight of. Fitness and probity are not absolute assessments and it is likely that this will be an ongoing area of development for firms, with training and competency frameworks needing to factor in the SM&CR requirements.


The Senior Manager’s regime covers those with overall responsibility for business activities, key decision makers, some material risk takers, customer-facing and senior management roles. Other roles are likely to come under the certification regime  […] Read more…


Source: The Consulting Consortium


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