Senior Managers & Certification Regime (SM&CR)

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Senior Manager & Certification Regime (SM&CR) applies to all Financial Conduct Authority (FCA) regulated firms.


The aim of SM&CR is to ensure that individuals across firms are more accountable for their conduct and to ensure that individuals can demonstrate that they fully understand their responsibilities under FCA regulation. This means that all customer facing staff will need to be trained on the conduct rules, and senior managers will need to be trained fully on the rules and regulations of the FCA.


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The FCA place huge emphasis on culture and governance within regulated firms. Senior Manager & Certification Regime (“SM&CR”) seeks to expressly apply rules that govern the standard of behaviour expected of all individuals that operate in the regulated financial services (including non-approved persons) and promote a culture of accountability from the top down and the bottom up. SM&CR is categorised into three distinct categories which apply requirement under SM&CR proportionately.


These categories are:


  • Limited Scope- firms which are exempt from some baseline requirements and will typically have fewer Senior Management Functions.
  • Core- firms in this tier have to comply with the baseline requirements of SM&CR.
  • Enhanced- these are a small number of firms whose size, complexity and potential impact on consumers or markets require enhanced rules.


What does Senior Managers and Certification Regime mean for you?

To ensure that you embed SM&CR in your business you need to ensure that you implement policies and procedures and promote compliance through activities such as:


  •  Ensuring that you have identified which SM&CR tier firm you are and ensure you have appropriate monitoring in place to ensure are fully prepared where you move across categorisation.
  • Consistent and regular training for Senior Managers and relevant employees.
  • Create procedures required to ensure relevant team members are fit and proper for their roles.


Get our help with Senior Manager and Certification Regime


Our team of dedicated professionals support our clients through e-learning, classroom training, Senior Manager applications, Senior Manager training, Statement of Responsibility and fitness and propriety testing.


We offer a range of packages which suit a variety of budgets, helping our clients to meet their regulatory obligations with peace of mind.


Get in touch with us now to discuss SM&CR


How can we help?

We’re already helping hundreds of firms comply with the new regime, walking them through the various elements of SM&CR, explaining how this impacts their businesses, reviewing their arrangements, providing expert advice, and answering a host of questions.


We’ll review your current SM&CR arrangements and provide advice and suggestions for improvement if required.


We also offer face-to-face training and online courses for other staff impacted by the conduct rules to ensure you have completed all the necessary training well in advance of the March 2021 deadline


We can help you with your certification process, making sure you have the tools in place to confirm suitability and issue the certificate before the deadline.


For more information about our Senior Managers & Certification Regime services, call 020 8087 2377 to speak to a member of our expert team or email us.


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