SM&CR – FCA latest

We have mentioned SM&CR several times in recent weeks. As the effective date of 9 December is rapidly approaching, we make no apologies for mentioning it again. The FCA has issued the following information.


SM&CR for solo-regulated firms: one/two months to go

The FCA is extending the Senior Managers and Certification Regime (SM&CR) to FCA solo-regulated firms on 9 December 2019. This extension affects almost every solo-regulated firm, from very small firms to some of the largest global firms. It will help to set a new standard of personal conduct for everyone in the industry and is a chance to embrace change for the better. 

Firms need to comply with the requirements of SM&CR from 9 December 2019. All firms who are preparing will need to identify Certification staff and train Senior Managers and Certification staff on the Conduct Rules. What else firms will need to do depends on their SM&CR Category – Enhanced, Core or Limited Scope. Enhanced and some Core firms will need to submit a Form via Connect.

Web pages
Find out more on the FCA’s webpages, which include checklists for each category. The Guide for solo-regulated firms is also a useful summary of the FCA’s final rules and guidance on SM&CR – it gives an overview of how SM&CR works and how firms will be moved to the new regime.

Together with business leaders from AXA PPP healthcare and Fidelity International, FCA Head of Conduct Specialists, David Blunt, outlines the effects of SM&CR and its benefits for firms.

Link to the video here. Download the video here.

We also have three short Inside FCA podcasts which provide a clear and concise overview of what firms need to do to prepare for SM&CR. 

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.

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ATEB has a complete toolkit of guides and templates for SM&CR. Contact us if you would like to discuss your preparation for SM&CR.

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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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