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SMCR

The Senior Managers and Certification Regime (SMCR) is part of the UK regulators’ drive to improve culture, governance and accountability within financial services firms. It aims to deter misconduct by improving individual accountability and awareness of conduct issues across firms.

Banks and PRA-designated investment firms have been subject to the SMCR since March 2016. On 10 December 2018 the SMCR was extended to cover all PRA- and FCA-regulated insurance and reinsurance firms. The SMCR will be extended to cover all other FSMA-authorised firms on 9 December 2019.

We have an unparalleled depth and breadth of expertise in advising on the SMCR, and related governance and risk management issues, in both the advisory and contentious context. So if you would like to learn more about the SM&CR change, and how Peak Consultants can support your business, then our team would love to hear from you.

 

Who it applies to

  • Solo-regulated firms regulated by the FCA only
  • Dual-regulated insurers regulated by both the FCA and PRA
  • The SM&CR already applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA

 

Are you ready for SMCR?

The Senior Managers and Certification Regime (SMCR) comes into effect on the 9th December 2019 for solo-regulated firms. This affects all Financial Services and Markets Act (FSMA) authorised firms.

SMCR represents a complete overhaul of the current Approved Persons Regime and will require a considerable amount of effort, resource and time across all areas of the business to implement the regime. SMCR purpose is to improve accountability and enhance a financial services firm’s focus on the culture within.

Improve culture, governance and accountability within financial services firms

 

Highlights the importance of HR and compliance working together

Ensures there are adequate powers in staff contracts, and policies to address performance management issues

Reviews and keeps updated training materials, handbooks, internal policies and protocols and governance related documents

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