SMCR Compliance | Senior Managers Regime

The FCA are extending the Senior Managers and Certification Regime (SM&CR) to include solo-regulated firms from 9th December 2019. This extension aims to reduce harm to consumers and strengthen market integrity.

There are 3 categories under the SM&CR: –

  • Limited Scope: these firms will be exempt from some baseline requirements and will typically have fewer Senior Management Functions. Firms that already have exemptions under the Approved Persons Regime will be Limited Scope.
  • Core: firms in this tier will have to comply with the baseline requirements.
  • Enhanced: this will apply to a small number of firms whose size, complexity and potential impact on consumers or markets warrant more attention. These firms will have extra requirements.

Firms can work out their SM&CR categorisation using the FCA’s ‘Firm Checker Tool’. The FCA have also published a useful guide for solo-regulated firms on The Senior Managers and Certification Regime (SM&CR).

Know Your Compliance Limited specialise in providing regulated firms with ready-to-use, but fully customisable policies, procedures, templates and manuals for areas such as the Senior Managers Regime 2019, with our full SM&CR Document Pack being just £145 (exc vat) and includes: –

  • SM&CR Document
  • Statement of Responsibilities Template
  • Management Responsibilities Map Template
  • FIT Assesment Record Template
  • SMF Handover Policy
  • Senior Managers Register Template
  • SMF Due Diligence Checklist
  • SMF Due Diligence Questionnaire
  • SMF Induction Checklist
  • Conduct Rules Policy
  • Conduct Rules Training Guidance

Read more about our SMCR Templates & Documents or visit the FCA’s SMCR Page for further information on the regime and your obligations.