It seeks to:
Develop a culture of accountability at all levels.
Ensure that firms have the right people in the right roles.
Make it easier for the regulator to work out who is responsible if something goes wrong.
The regime already applied to banks, building societies, credit unions and providers, however, it has been 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 support available, we’re opening up some of our resources to the wider adviser community.