Senior Managers & Certification Regime

The Senior Managers & Certification Regime (SM&CR) has been designed to improve public confidence in financial services and build trust with consumers.

It seeks to:

1

Develop a culture of accountability at all levels.

2

Ensure that firms have the right people in the right roles.

3

Make it easier for the regulator to work out who is responsible if something goes wrong.

The regime already applies to banks, building societies, credit unions and providers, however, it is being extended to all authorised firms from 9th December 2019.

From the very outset, the Financial Conduct Authority reminds firms that “the tone should be set from the top”. In other words, the behaviour of the most senior people within the business is likely to directly  influence the culture of the organisation and therefore must meet expectations.

However, SM&CR does not just affect those at the top, but extends to staff at all levels. It introduces the concept that they should be individually accountable for their actions, whilst at the same time, expected to work collectively to achieve the outcomes required.

How we’re helping firms

In recent months, we’ve launched a range of SM&CR support services to help firms prepare for the implementation and manage their responsibilities on an ongoing basis. 

From practical guides to instructional videos, dedicated face-to-face workshops and a range of policy documentation, however you prefer to access SM&CR guidance, SimplyBiz can help. 

To provide a flavour of the resources available, we’re opening up some of our resources to the wider adviser community. 

Practical guide to implementation Part 1

Featuring handy plain English summaries and appendixes, this document helps you understand your responsibilities at the time of implementation, and to offer some practical guidance in the lead up to the new regime.

Download Part 1 of 3
Download Part 2 of 3 - MEMBERS ONLY
Download Part 3 of 3 - MEMBERS ONLY

 

Contact rules training

All Senior Managers and Certified Persons must be trained on how the Conduct Rules apply to their role before implementation of the regime.

The Conduct Rules are relevant to ALL firms and almost all staff. They give the FCA the power to reach deep into a firm and take action and underpin the fundamental goals of the SM&CR, i.e. to improve standards, encourage accountability and emphasise the importance of proper conduct.

In these videos, Michael Pashley, Group Training & Knowledge Manager, takes you through the FCA's Conduct Rules and provides guidance on the responsibilities of staff in a variety of roles across the typical advice firm.

Face-to-face workshops

To help firms prepare for the implementation of the SM&CR, we're running workshops addressing key aspects.

The sessions will cover the three function tiers, conduct rules, monitoring requirements, prescribed responsibilities and much more.

Delivered by members of our policy and compliance teams, these events are designed to ensure firms are well placed to manage the implementation and ongoing compliance with the new regime.

Helpdesk support

We'll also be offering SM&CR guidance via our specialist helpdesk service. Whatever your query, our experts are on-hand to provide detailed guidance.

Of course, our compliance helpdesk will also provide guidance on GABRIEL, financial promotions, disclosure documentation and a wide range of other areas, with our dedicated pension technical team on hand to provide specialist advice on all HMRC, DWP and FCA aspects of related issues.

Get in touch

For more information about our Senior Managers & Certification Regime support or any of our services, please complete the form below or call 01484 439 128.

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