SM&CR – Conduct Rules reminder

We thought it appropriate to remind firms that the SM&CR comes into effect on 9 December 2019 for FCA solo-regulated firms. ATEB has published several newsletter articles outlining the requirements – start here if you want read our most recent article.

If you have not yet started your preparations for SM&CR – or even if you have – you might find the ATEB SMCR Guide for firms useful. An accompanying toolkit comprising checklists and document templates is also available.

Firms should ensure that all preparatory work has been, or is being, undertaken. In particular, firms must ensure that awareness training on the Conduct Rules has been undertaken and can be evidenced by 9 December 2019. The training should cover the first and second tier rules with Senior Managers and the first tier rules with all Certification Staff. 

Firms have until 9 December 2020 to roll out first tier training to all other staff.

ATEB have produced a training module to help firms deliver Conduct Rules training. This, and our guide and toolkit can be found within the members’ area of our website.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

SM&CR is only a couple of months away now. 9 December will come around quickly so we recommend early action to ensure all required preparation is in hand.

Action Required By You

  • Firms should ensure they meet the relevant SM&CR requirements by 9 December 2019;
  • If you are yet to receive confirmation from the FCA of your firm type, we would recommend that your contact the FCA for clarification;
  • If you need any assistance with SM&CR, ask your ATEB consultant or contact ATEB directly.
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Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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