The FCA are now bringing in their Senior Managers and Certification Regime (SM&CR) for solo-regulated firms (those regulated by the FCA only), which will apply from 9th December 2019. This regime will replace those already regulated under the Approved Persons Regime and already applies to UK banks, building societies, credit unions and the largest investment firms.
Dual-regulated insurers (those regulated by both the FCA and PRA) were regulated under the SM&CR from 10th December 2018. The FCA’s aim in extending this regime is to reduce harm to consumers and strengthen market integrity.
The SM&CR applies an accountability framework to senior management and makes firms directly responsible for ensuring the fitness and propriety of any employee carrying out a senior management function or a certified role. We have developed a unique set of documents and templates for those firms with new obligations under the SM&CR, providing guidance, customisable policies and assessment templates.
SM&CR Applies to Solo-Regulated Firms In…
SM&CR Document Pack includes: –
- 38-Page SM&CR Document
- SMF Handover Policy Template
- Conduct Rules Policy Template
- Management Responsibilities Map Template
- SMF/CR Due Diligence Questionnaire
- SMF/CR Checklist
- Induction to SMF Role(s) Checklist
- Fitness & Propriety Assessment Record Template
- SoR Template (included at no extra cost as already available from the FCA)