The Senior Manager and Certification Regime (SM&CR) applies to almost every UK solo-regulated firm, from very small firms (including sole traders and limited permission consumer credit firms) to some of the largest global firms.
The FCA has released what it calls an ‘explainer video’ to aid firms with implementation of the Certification Regime and the Conduct Rules ahead of the deadline on 31 March 2021.
You can view the short video here.
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The FCA has published an update on the timescales and delays currently being experienced by firms that submit application for approval. The update is shown below. “We communicated in December 2020 about the delays in determining SMR (Senior Manager Regime) and SIF (Significant Influence Function) applications, following the large volume of applications received before the […]
One of our clients recently asked this ‘easy’ question. “We are a limited company but the firm is 100% owned by a holding company. We have received a letter from the ICO asking us to register the holding company. Does the holding company need to register – it will not be controlling or […]
We have completed the latest upgrade to ATEB Suitability on 20th September 2021. This update comes at no additional cost and provides various template enhancements. Full details of the enhancements can be found in the tables below, but some of the highlights are: Reformatted ‘Attitude to Investment Risk’ section Following customer feedback, the risk profile […]
Publication of the FCA’s Business Plan for 2021/22 was delayed from its usual spot in April, finally appearing at the end of July. The document can be accessed here. An overview of the content follows. Transformation The plan contains a huge amount of mission/vision speak, as is typical in the annual reports of most large […]
Regulatory permission – use it or lose it
Michael Senior Compliance 2021, FCA, ML, protection, Register
The FCA has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services firms. Responses to the consultation (CP21/28) close on 29 October 2021. The driver behind the proposed power is the regulator’s belief that incorrect or outdated permissions […]