The Financial Conduct Authority (“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 help with the Senior Manager and Certification Regime

 

Our network of firms teams of dedicated professionals support their clients through e-learning, classroom training, Senior Manager applications, Senior Manager training, Statement of Responsibility and fitness and propriety testing.

 

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

 

Get in touch with us now to discuss SM&CR.