This final guidance provides practical assistance and information to solo-regulated firms when preparing their Statements of Responsibilities and Responsibilities Maps.
The Financial Conduct Authority (FCA) extending the Senior Managers & Certification Regime (SM&CR) to all FSMA authorised firms on 9 December 2019. The SM&CR sets a new standard of personal conduct for everyone working in financial services and enhances senior management accountability.
Under the SM&CR, all Senior Managers must have a Statement of Responsibilities (SoR). In addition, all enhanced firms must have a Responsibilities Map.
In October 2018, the consulted on proposed guidance and have made some revisions following the feedback received.
The final guidance aims to help all FCA firms clearly set out Senior Managers’ responsibilities through SoRs. ‘Enhanced’ firms will also be able to use it to produce Responsibilities Maps which show how their firm is managed and governed. The guidance builds on the information published in the SM&CR Guide for solo-regulated firms.
Who this applies to
This guidance is developed for FCA solo-regulated firms, subject to the SM&CR.
The guidance may also be of interest to firms regulated by the PRA and FCA, subject to the SM&CR. For example, dual-regulated insurers, banks, building societies and credit unions. You may find this guidance useful when preparing new Statements of Responsibility and Responsibilities maps, or reviewing existing ones.