Senior Managers & Certification Regime (SM&CR)

Not to write off the year just yet, but the main focus for 2019, within the advisory and compliance world, will be the introduction of the Senior Managers and Certification Regime, which is planned to hit us on the 9th December 2019.

We know this may seem like a lifetime away at the moment, but we’re all too aware of how time creeps up on us and before we know it, it’ll be time to implement the changes. That’s why our next TALK webinar in the series (26th Feb), will be focused on SM&CR.

A quick refresher on SM&CR

The aim of the SM&CR is to reduce harm to consumers and strengthen market integrity by creating a system that enables firms and regulators to hold people to account. The SM&CR commenced for banking firms in March 2016, for insurers in December 2018 and will be extended to solo-regulated firms in December 2019. So, now is the time to think about what you need to do to start the process.

Our webinar will look at the following areas in more detail, to give you a starting point and get your SM&CR process underway…

Firms will need to consider:

  • What type of firm are you? Core, enhanced or limited scope?
  • Who is planning and running your preparations?
  • Who needs to be engaged in the project?
  • Do you have a project plan?
  • Have you considered preparing a responsibilities map?
  • Do you know what the 12-week rule is?

For existing Senior Managers, or those who are considering the role, there is also a few things to look at before the 9th December 2019!

Senior Managers

  • Have you identified your Senior Managers?
  • What will their responsibilities be?
  • Have they set their statements of responsibility?
  • Have they been trained on the Conduct Rules?
  • Do you need to change any existing approvals, or add new ones before the SM&CR begins?

Internally, there will also be things to consider that you may not yet have thought about, such as:

  • How the new rules will impact your current HR processes?
  • Are your fit and proper assessments up to scratch?
  • Is your current recruitment process going to work alongside of the new rules?
  • Who is going to be responsible for making any changes?

On the 26th February, we will be touching upon how the SM&CR will impact the firm as a whole and how there is more to the new rules than those required of Senior Managers.

If you’re in need of a little more guidance and would like to find out more on SM&CR, sign up to our webinar here.

If you’d like to dig a little deeper into SM&CR, then why not join our interactive masterclass in London on 9th April, co-hosted by Rory Percival – Click here to find out more.