Update on SMR and CF (AR) applications

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 extension of the Senior Managers and Certification Regime (SM&CR). 

We increased resourcing to address the delays and made good progress in determining most applications which had breached their statutory deadline and reducing the allocation times for applications. 

However, in Q1 2021 we received significantly higher volumes of applications than we forecast. As capacity was down due to Covid-19, we were not able to bring our case volumes and allocation times back to business-as-usual levels by the end of the financial year as planned. Therefore, we’re sorry that applicants may still face delays while we increase resources.  

Applications to hold a Controlled Function at an Appointed Representative that are both routine and non-routine are dealt with by the same teams as handle Senior Manager applications. Because information about such candidates will be examined in detail, these also take longer to determine. You can help us to process your application as quickly as possible by: 

  • carefully checking the application before submission to ensure that it has been completed in full 
  • remembering that for SMR applications you must complete a Disclosure & Barring Service (DBS) check before submission  
  • making sure you have conducted, and included, all appropriate due diligence checks, including regulatory references, before submitting a candidate 
  • responding promptly and fully if we contact you to seek further information about a submitted application”

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

Contact ATEB if you need help with applications for approval. A well presented application is likely to be approved more quickly.

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Lisa has a wide range of skills and knowledge, and a track record of implementing compliance and T&C systems and processes of the highest calibre, covering all aspects of financial services.

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