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Starting SM&CR Preparations: What you need to know

18th March 2019

Starting SM&CR Preparation: What you need to know

The deadline for solo-regulated businesses to comply with the Senior Managers & Certification Regime (SM&CR) is less than 9 months away on 9th December 2019. If your firm will be affected by SM&CR then you really need to step-up your SM&CR planning now.

Firms should act now to prepare well in advance of the SMCR deadline and in doing so, incorporate lessons learnt from previous SM&CR implementation by other sectors. The scale of the task ahead is significant since in some cases, the SM&CR regime may require your company to make fundamental changes to both management and governance structures.

As written previously, the FCA is providing guidance documentation for firms planning their SM&CR compliance now as well as conveying advice provided by the Banking sector on adopting the new SMCR regime.

Near final rules were published by the FCA last summer and the regulator has also since published Guidance for firms preparing for SM&CR.

From much of the information about SM&CR, it seems that there are three common traps that can hinder successfully embracing the SM&CR regime, these being the failure to:

• develop a comprehensive view of responsibilities
• provide supportive Management Information; and
• embed a cultural change

Read more about SM&CR Responsibilities: A Comprehensive View & Holistic Approach.

Next Steps:

Ensuring you have comprehensive and coherent documentation in place is vital to ensure your firm is ready and compliant with SM&CR requirements. If you are preparing for the extension of the SM&CR regime for your firm and need any support or assistance, our experienced consultants would be happy to offer their assistance and practical support. Just drop our friendly team a line.

Related Reading:

• SM&CR for Solo-Regulated Firms: Types of Firm
• Starting SM&CR Preparations: What you need to know
• Finalised Guidance: SM&CR Responsiblities - Statements and Mapping

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