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Compound Growth

Regulatory Change: SM&CR Implementation

The Senior Managers and Certification Regime (SM&CR) aims to reduce harm to consumers as well as strengthen market integrity by making the individuals working within firms more accountable for their conduct and competence.

Referred to as SM&CR for short, the Senior Managers and Certification regime replaces the existing Approved Persons Regime and changes how people working in financial services are regulated.

SM&CR Implementation Dates:

SM&CR was initially rolled out in the Banking sector on 7th March 2016 and was implemented by dual-regulated Insurers last year on 10th December 2018. The next stage of implementation is for SM&CR to be extended to all solo-regulated firms on 9th December 2019.

Those sectors that have already implemented SM&CR, along with the regulator, have viewed the regime as a “catalyst for change”, bringing with it the opportunity for their firms to establish healthy cultures and effective governance by promoting greater individual accountability and clearly establishing new standards of personal conduct.

>>VIEW SM&CR SOLO-REGULATED KEY DATES<<

Preparing to implement SM&CR:

SM&CR aims to encourage a culture of staff at all levels taking personal responsibility for their actions as well as ensure that firms and staff clearly understand, and can demonstrate, where responsibility lies.

Embracing the new rules and ensuring that a firm’s culture and governance support the objectives of SM&CR will help your firm to enter the new regime with confidence, as well as help support the individuals being asked to be accountable.

SM&CR Practical Support:

If you are preparing your firm for the extension of the SM&CR regime and need any advice or support, our experienced regulatory consultants would be happy to offer their assistance and practical support. Just drop our friendly team a line to discuss how we can help.

SM&CR Related Reading:

• SMCR: Six months to go!
• SMCR Responsibilities: A Comprehensive View & Holisitic Approach
• Starting SM&CR Preparations: What you need to know
• Preparing for SM&CR: Starting Tips
• Finalised Guidance: SM&CR Responsibilities - Statements & Mapping
• SM&CR for Solo-Regulated Firms: Types of Firm
• Advice for solo-reguated Firms Adopting SM&CR

Compliance Support: Senior Managers & Certification Regime (SM&CR)