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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Sole traders and Single Director firms might look similar but they are treated differently under SM&CR.
Fifth Money Laundering Directive (5MLD)
Alistair MacDougall Compliance 2018, 2019, 2020, FCA, ML, PI, Update
Changes are effective from 10 January 2020. Make sure you are implementing the rules as required.