No products in the cart.
Extension of the SMCR to all financial services firms
As we all know, the Treasury has directed the FCA to expand the Senior Managers & Certification Regime (SMCR) to all financial services firms in the UK.
Many firms have still not actually started to plan for the SMCR deadline of 9th December 2019.
Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations at the FCA, said:.
” Senior leaders should view the regime as a catalyst to inspire positive culture change at their firms. The SM&CR is an important way to ensure that individuals at all levels within firms take personal responsibility for their actions. It is good for business when employees buy into a firm’s purpose, feel personal accountability and are inspired to speak up (and to listen). This can be encouraged through the new conduct rules. This kind of culture supports a healthy and inclusive workplace for employees, innovation and sustainability, and thoughtful identification and mitigation of risk.”.
We have designed a 90+ point project plan intended for all firms, Limited, Core or Enhanced where we can manage the entire project for you or you can buy our project plan and conduct it by yourself. Be warned, that the SMCR operation has been estimated to consume 32 working days to employ at each firm.
For any company that would like to “Do-It-Yourself”.
This document consists of the overall project plan in 90+ points for most firms (Core & Enhanced with 82 for Limited) and covers 12 areas where your firm needs to review, assess and make changes.
Providing a complete working model for each firm is nigh on impossible but this project plan should fill 99% of firm’s needs for an efficient SMCR regime and detect other areas that may need addressing.
Although a Responsibilities Map is not obligated for Core Firms, we recommend you complete it. This has the benefit of a centrally stored record of the actions taken.
The last tab, entitled “Basic Information of Firm” is to consolidate all the information you may need for forms, references and any other regulatory function required. It provides a ready use facility to clarify the elements of SMCR that relate to your firm, and a responsibilities checklist to assure you are compliant.
We provide 6 pages of inter-related information including all the responsibilities and corresponding relevance to your type of firm. Using colour coding we identify the specific areas relevant to your requirements as well as a matrix to ensure you comply with the rules specific to your firm.